SocGen profit tumbles on Russia unit writedown

French bank Societe Generale reported a 13.3 percent drop in first-quarter net income as it booked a 525 million euro ($731 million) writedown on its Russian business as turmoil in Ukraine persists.

Net profit came in at 315 million euros for the quarter down from 364 million this time last year.

The group said the first three months of the year were marked by the emergence of the crisis in Ukraine as it confirmed its purchase of its minority stake in Russian bank Rosbank last month.

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The weak rouble, growing uncertainty concerning the environment and delayed performances prompted the bank to write down goodwill on Russian activities, the group said in a statement.

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The bank said it remained confident about Rosbank's medium- and long-term prospects in Russia and confirmed its long-term view of the potential of the Russian banking market.

On May 13, the group will present its three-year development strategy for Russia, where it will outline how it intends to achieve satisfactory profitability in 2016 in a scenario of "gradually easing tensions", adding that Russia represents 3 percent of its global exposure and that it has no material exposure to Ukraine.

Revenue in the quarter rose 14 percent to 5.68 billion euros from 4.98 billion a year earlier, lifted in part by a strong financial services business.

Correction: A breaking news alert for this story provided an incorrect figure for Q1 net income. The correct figure is 315 million euros

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