Morning:
9°c
SocGen’s profits soar
4 Nov 2009French bank Société Générale today saw profits more than double after better financial market conditions boosted business at its investment banking unit in London and Paris.
SocGen profits in the third quarter came in at 426 million (£380.1 million) compared with 183 million a year earlier, although they were slightly below City forecasts of 457 million.
Shares rose 5.2% to 45.92 in Paris after falling 4.3% yesterday.
The bank said markets continue to recover from the collapse of Lehman Brothers last year.
SocGen recorded profits of €133 million at its corporate and investment bank in the quarter, compared with a net loss of €240 million a year earlier.
