SocGen beats forecasts after bumper trading
STORY: Europe’s big banks are beating forecasts, thanks to bumper trading revenues.
France’s Société Generale is the latest.
It saw third quarter net income hit almost $1.5 billion.
That was down on last year, but well ahead of expectations.
SocGen shares were up over 4% by early afternoon following the news.
The beat was driven by thriving trading in bonds and currencies.
That more than offset a decline in deal-making.
SocGen said its car-leasing business also grew strongly over the period.
Banks generally have been helped by rising interest rates.
Though that effect is slow to work in France, where most mortgages are on fixed rates.
SocGen is preparing for the departure of veteran CEO Frederic Oudea in May.
He says he won’t go any earlier than scheduled.
Insider Slawomir Krupa is set to take over.
