Societe Generale doubles earnings over third-quarter

4 November 2009

Societe Generale, the second largest bank in France, brought in net income of $627 million during the third quarter of 2009, in comparison with profits of $270 million in 2008.

Much of the success can be attributed in the turnaround in fortunes for Societe Generale's corporate and investment banking unit, which reported a $354 million loss this time last year.

But in the past three months, it has made profits of $196 million.

Shares in the company jumped 4.2 per cent in Paris trading following the publication of the figures, part of an overall increase in share price of 33 per cent in 2009.

Rival French bank BNP Paribas is expected to report its own third-quarter results tomorrow.

Analysts have predicted that it is set to announce a $1.85 billion net income for the three-month period, reports Bloomberg.

Last month, Societe Generale's corporate and investment banking operations won an award for being the most innovative bank in equity derivatives from The Banker magazine.

By Claire Archer

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