Newspaper article International New York Times

Equities Trading Bolsters Results at Societe Generale ; Second-Quarter Gains Also Reflect Income from Mergers and Acquisitions

Newspaper article International New York Times

Equities Trading Bolsters Results at Societe Generale ; Second-Quarter Gains Also Reflect Income from Mergers and Acquisitions

Article excerpt

The French bank said its quarterly results were bolstered by gains in its equity trading and its merger and acquisition advisory businesses.

Societe Generale said on Wednesday that its profit rose 25 percent in the second quarter, bolstered by gains in its equity trading business as markets remained volatile in the quarter, and by robust activity in its mergers and acquisitions advisory business.

Societe Generale, one of the largest French banks, also said that it planned to target further cost reductions in the coming years and that it was aiming to reduce its costs by 850 million euros, or about $930 million, by the end of 2017.

"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," Frederic Oudea, Societe Generale's chief executive, said in a news release.

In the second quarter, Societe Generale, which is based in Paris, posted a profit of EUR 1.35 billion, from EUR 1.08 billion in the same period a year earlier.

Its results in the second quarter included a gain of EUR 312 million from the re-evaluation of certain financial liabilities.

The bank also took an additional provision of EUR 200 million for litigation issues, bringing its total provision for legal costs to EUR 1.3 billion.

Net banking income, which is similar to revenue, rose 16 percent to EUR 6.87 billion in the quarter, from EUR 5. …

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