Hedging and an increase in the value of its own debt offset over â¬1bn ($1.6bn) of writedowns made by Société Générale during the first quarter, but could do nothing to prevent an 80% slump in the French bankâÂÂs profits from its corporate and investment banking business.
Société Générale said it was writing down â¬1.22bn on a credit portfolio. However, this was more than offset by â¬743m of gains from a portfolio of credit default swaps and a â¬523m increase in the value of the bankâs own debt.
