SocGen Rebounds From Losing Run After Equities Trading Gains
- Bank’s net income of EU862 million almost double estimates
- Equities trading recovers after dividend cancelation hits
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Societe Generale SA rebounded from its worst loss in 12 years with a third-quarter profit that was almost double analyst estimates, relieving pressure on Chief Executive Officer Frederic Oudea after a string of trading hits.
The French lender reported net income of 862 million euros ($1 billion) after losing about 1.6 billion euros in the first half. Revenue at its key equities business almost quadrupled from the previous quarter, and the bank joined other European lenders in setting aside significantly less than expected to cover bad loans.