Societe Generale Profit More Than Doubles
Societe Generale, the second-largest bank in France, topped analysts' estimates as third-quarter net income more than doubled.
PARIS (
) --
Societe Generale
, the second-largest bank in France, topped analysts' estimates as third-quarter net income more than doubled .
Societe Generale earned €896 million ($1.26 billion) in the quarter, up from €426 million a year earlier. Analysts surveyed by
Bloomberg
expected the bank to earn €688 million.
The bank benefited from lower loan-loss provisions in the latest third quarter.
CEO Frederic Oudea said Wednesday the bank wouldn't have to sell additional shares to comply with Basel III capital requirements.
-- Written by Joseph Woelfel
>To contact the writer of this article, click here:
Joseph Woelfel
>To submit a news tip, send an email to:
.
