Retail banking arm lifts Societe Generale

SocGen branch Societe Generale's latest revenue figures were in line with market expectations

Societe Generale has seen its quarterly profits more than double after a strong performance by its retail banking arm, and a reduced impact from bad loans.

France's second-largest bank's net profit for the third quarter of 2010 was 896m euros ($1.25bn; £783m), up from 426m euros a year earlier.

Societe Generale said quarterly revenues came in at 6.3bn euros, in line with market expectations.

It added it would not need to raise funds to meet new capital requirements.

This is in reference to new European rules on how much capital banks must keep on their books as a guard against any future global credit freeze.

Profit at Societe Generale's French retail banking arm rose 15% to 340m euros.

At its corporate and investment banking division profits fell 9.7% to 468m euros. However, this was still a better performance than analysts had predicted.

The amount of money the bank had to keep in reserve to cover possible bad debts totalled 918m euros, 39% less than a year ago.

In its statement, the bank said the current economic recovery remained "hesitant".

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