Societe Generale aims to double profits in 2012

16 June 2010

French bank Societe Generale has unveiled plans to double its profits to €6 billion by 2012.

According to the financial institution, the figure is twice as much as the €3 billion target set for 2010 and higher than the €678 million recorded in 2009.

The bank expects to see the gains in its corporate and investment bank units.

Frederic Oudea, Societe Generale chief executive officer, was quoted by the Wall Street Journal as saying: “The last few years have been challenging for the group, its shareholders and employees, but we have learnt from the crisis.”

He added that this year “represents the beginning of a new period for Societe Generale”.

The financial service provider’s business in Russia is expected to be key to the bank’s recovery.

Recently released figures from Societe Generale showed that it had beaten analyst predictions by recording €1.06 billion worth of net income during the first three months of the year.

Meanwhile, the trial of Jerome Kerviel, a former trader at the bank, has got underway with the ex-employee accused of losing as much as €4.5 billion through illicit trades.

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