Societe Generale profits beat expectations

Societe Generale sign Shares in SocGen rose after the profit figure beat analysts' expectations

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.

More on This Story

The BBC is not responsible for the content of external Internet sites

More Business stories



Try our new site and tell us what you think. Learn more
Take me there

Copyright © 2015 BBC. The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.