Paris - French bank Societe Generale said Thursday it lost 278 million euros (370 million dollars) in the first quarter of 2009 due mainly to losses and write-downs related to the US real estate market.

By comparison, in the first quarter of 2008 the bank had posted a profit of nearly 1.1 billion euros. Analysts had expected a profit of about 320 million euros for the period this year.

Turnover was down 13.5 per cent, at 4.91 billion euros, while gross operating income plunged by 36 per cent, to 1.13 billion euros.

The bank estimated the total of its one-time losses in the period due to the downturn in the US real estate market and the ratings downgrade of monoline insurers during the quarter at 1.5 billion euros.

However, it said it expected the government's stimulus plans to "help mitigate the consequences of the (economic) crisis in 2009 and allow a gradual resumption in growth, albeit at a very moderate rate."

Investors bid down Societe Generale shares by more than 7 per cent, to 40.65 euros, in early trading on the Paris Bourse. (dpa)