Societe Generale SA announced that their second-quarter profit margin more than doubled with the surge in corporate and investment-banking revenue. France's second-largest bank said that they profits beat analysts' expectations as the net income for the company rose to EUR955 million or US$1.27 billion from the EUR463 million seen earlier this year.
The gain beat the EUR668 million average forecasts of six analysts surveyed by Bloomberg. The revenue for the investment banking and corporate unit rose 38% from the previous year.
Societe Generale SA is currently selling its assets and has severed hundreds of jobs in involved in investment banking as part of the company's compliance with the stricter rules established to ensure that the 2008 global financial crisis does not happen again.
"We are going to continue with our efforts to strengthen finances", Societe Generale SA Chief Executive Office, Frederic Oudea, said in a statement. "The bank has positive commercial and financial momentum," he said.
Join the Conversation