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Loss provisions in Britain accounted for two-thirds of the decline.
Société Générale announced a loss after more big write-downs and rising loss provisions.
The bank has raised its loss provisions in recent quarters to cover increasing defaults on mortgages and home equity products.
A surprise increase in loan loss provisions by Toronto-Dominion Bank in June squarely focused attention on the issue.
So the charges and loan loss provisions recently taken by the company total less than 1percentt of those loans.
The latest blow to profits takes total loss provisions for a disastrous year past the £200m mark.
Similar(18)
What it would require is a drop in loan-loss provisions.
Releasing loan-loss provisions accounted for much of last quarter's profit.
Banks' considerable profits seem fueled by cost-cutting and lowered loan-loss provisions.
Rigorous credit analysis to ensure minimum loan-loss provisions was important.
All told, Commerzbank expects to declare 1.3 billion euros in loan-loss provisions in 2002 -- a forecast it increased twice.
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