Societie Generale profits up 33%

2 August 2007

Increased revenue from equity derivatives and the sale of a stake in Euronext NV has helped, Societe Generale to record a 33 per cent increase in second-quarter profits.

The Paris-based company's profit during the quarter rose to $2.38 billion, up from $1.83 for the same period last year.

SocGen's performance was marked a 17 per cent increase in income from investment banking to $2.84 billion from the year ago period's figure of $2.43 billion.

Meanwhile, the sale of the firm's Euronext share to the NYSE group netted $321 million.

However, even without the one-off gain profit was up 14 per cent to $2.04 billion.
Revenue stood at $9.04 billion - a rise of 16 per cent.

News of the SocGen's performance comes after its domestic rival BNP Paribas yesterday reported a 20 percent increase in its second-quarter net profit.

Statements issued by both banks said that their low exposure to the crisis in the US subprime mortgage market as having mitigated losses.

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