Investing.com-- Societe Generale SA (EPA:SOGN) posted a stronger-than-expected third-quarter net profit on Thursday, aided chiefly by a sharp recovery in its investment banking unit.
Group net income for the three months to September 30 rose to 1.89 billion euros ($2.10 billion) from 1.52 billion euros a year ago. The print was ahead of Reuters/LSEG estimates of 1.65 billion euros.
Net banking income rose 7.8% year-on-year to 7.17 billion euros, while operating income surged 20.1% to 2.67 billion euros.
Socgen's equity trading revenues were a standout in the earnings, surging nearly 46% in Q3 to over 1.2 billion euros.
Its French retail, private banking, and insurance revenues also grew nearly 11% to 2.53 billion euros in Q3.
Gains in the two segments helped offset weaker performances in Socgen's fixed income and international retail banking divisions.
Socgen's trading revenues recovered after three straight quarters of underwhelming prints, helping reinforce signs of a turnaround in France's second-largest publicly listed bank.
Larger rival BNP Paribas also reported stronger-than-expected September quarter earnings on Wednesday.
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