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| SocGen 3rd quarter net doubles |
| Bloomberg / Nov 05, 2009, 00:29 IST |
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Societe Generale SA, France’s second-largest bank by market value, said third-quarter earnings doubled as its investment-banking unit returned to profit.
Societe Generale rose as much as 4.2 per cent in Paris trading after reporting net income of 426 million euros ($627 million), above the 399 million-euro median estimate of 11 analysts surveyed by Bloomberg.
The Paris-based bank, like Deutsche Bank AG of Germany and Switzerland’s Credit Suisse Group AG, benefited in the quarter as improving stock markets and record low interest rates bolstered revenue from its equity and fixed-income businesses. Societe Generale, led by Chief Executive Officer Frederic Oudea, raised 4.8 billion euros in a capital increase last month to pay back state funds and bolster its capital position.
“The current environment should be favorable for Societe Generale,” said Alain Tchibozo, a London-based analyst at ING Wholesale Banking. “Fixed income has been a driver for most of the banks that have reported earnings so far and equity revenues are improving.”
Societe Generale rose 1.80 euros, or 4.1 per cent, to 45.45 euros by 9:44 am in Paris trading, valuing the bank at 33.6 billion euros. Societe Generale has gained 33 per cent so far this year, while BNP Paribas SA, France’s largest bank, climbed 77 per cent.
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