Societe Generale profits beat expectations
- 5 May 2010
- From the section Business
Societe Generale bank has reported better-than-expected profits for the first quarter of the year and forecast a "sustainable rebound" in 2010.
Driven by investment banking, net profit came in at 1.1bn euros ($1.4bn; £0.9bn), compared with a 278m euro loss for the same period a year ago.
The bank also revealed its exposure to Greek government debt is 3bn euros.
There have been concerns about some European banks' exposure to the Greek debt crisis.
Shares in SocGen fell almost 6% on Tuesday as banking stocks were hit by renewed concerns about high European debt levels.
The bank's shares rebounded by more than 3% after the results announcement.
"Societe Generale is confident of being able to achieve its targets for 2010," the bank said.
SocGen has been slowly recovering from a trading scandal and the financial crisis.
In January 2008, it reported a loss of 4.9bn euros, which it blamed on unauthorised deals made by former trader Jerome Kerviel.