The French bank said it made a net profit of 947m euros for the year, although this was down 82% from 2006.

The bank made a loss of 3.35bn euros in the final three months because of "hidden market Man quizzed over trader links ...
Paris to 'block any Societe bids' ...
Rogue trader 'in police custody' ... activities", it said.

Last month, SocGen announced massive losses which it blamed on rogue deals carried out by Jerome Kerviel - a junior trader at the bank.

However, an internal investigation by an independent committee set up by the bank found that the bank's own systems were partly to blame.

The results of the investigation made public on Wednesday also show that rogue trades were first made back in 2005.

The report said risk controls at the French bank "lacked depth".

It said staff had failed to make detailed checks and the bank lacked systems used by rivals that would have probably identified the rogue trades.

Mr Kerviel is in custody while the case is being investigated.

He is accused of breach of trust, falsifying documents and breaching computer security.

A court ruled that he should be detained because of the "necessities of the investigation" and the risk that he could flee the country.

(BBC)

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