SocGen boosted by bumper trading revenues
Strong trading revenues helped Société Générale to report higher than expected profits in the third quarter, extending some signs of a turnround at the French bank as it prepares to usher in a new chief executive.
France’s third-biggest lender, which has appointed investment bank chief Slawomir Krupa to replace veteran boss Frédéric Oudéa from next May, reported net income of €1.5bn in the three months to the end of September. That was a 6 per cent drop on a year earlier, but much higher than the €1bn expected by analysts in a Refinitiv poll.
SocGen is trying to move past years of restructurings during Oudéa’s 15-year tenure and reap the benefits of the latest revamp that includes shedding some riskier products in its investment bank and beefing up its car leasing and financing business.
This story originally appeared on: Financial Times - Author:Sarah White
