Societe Generale posts $1.38bn profit for first quarter

5 May 2010

French bank Societe Generale has posted a profit of €1.06 billion ($1.38 billion) in its first quarter results for 2010.

The figure was better than analysts had predicted, with financial experts telling Bloomberg before the publication of the statistics that net income in the region of $654 million was to be expected.

Societe Generale remains on course to record a profit of €3 billion over the course of 2010 thanks to the figures for the first three months of the year.

A statement from the firm stated that it anticipates its divisions will continue to perform profitably as they pick up momentum over the course of the year.

The publication of the results boosted the standing of Societe Generale among investors, with the bank up 39 per cent in Paris trading.

Earlier this year, the bank said it was anticipating a positive 12 months.

"2010 is likely to be marked by a sharp rebound in the group's financial results due notably to the gradual elimination of the impact of the financial crisis," it was said.

By Tony Aynsley

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