Societe Generale sees profits triple

5 August 2010

Societe Generale announced its net profits for the second quarter of the year have tripled in size compared with the same period last year.

According to figures published by the French bank, profits for the three-month period reached €1.08 billion and were higher than the €309 million recorded at the same time in 2009.

Analysts, quoted by Business and Leadership, had suggested that profits for the quarter would reach €770 million.

Net profit for the first half of the year totalled €2.15 billion, according to the bank.

Frederic Oudea, chairman and chief executive officer at the financial institution, said: “[The first half of 2010] testifies to the group’s new commercial momentum with an excellent performance from retail banking activities and a satisfactory contribution to the results from corporate and investment banking despite a challenging market environment.”

He added that the results confirm how Societe Generale’s performance shows the institution is currently on the rebound.

Further findings from the bank confirmed its tier one capital ratio as 10.7 per cent.

According to the firm, this rating, which was revealed during the recent European stress tests, demonstrates its resilience to any future economic crises.

By Jim Ottewill

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development