Societe Generale in 25% profit jump

Societe Generale in 25% profit jump

Societe Generale is up 8 percent after beating analysts expectations to report a second-quarter net income of €1.35bn and revenue of €6.87bn.

Its global markets and investor solutions business was boosted by a 61 percent jump in equity trading revenue to €799 million. Financing and advisory income revenue increased 25 percent to €685 million in the quarter.

The bank said it planned to save another €850m in costs by 2017 on top of its annual target this year of €900m, and put the profit back into its capital base so that it is better protected against future losses.

Chief Executive Frederic Oudea said in a statement:

“In the coming months, the group will continue to develop in its strategic areas, capitalizing on the rebound in the European economy, and adapt to the technological and regulatory changes through the rollout of its digital strategy and the continuation of its operating efficiency efforts.”

Societe Generale are currently trading up 8.3% at 48.35 pence per share.