)'s net income fell less than expected in the first quarter, as profits on equity derivative sales offset weaknesses at its retail bank and in fixed-income trading.
SocGen's shares jumped more than 5% in early Paris trade to their highest since March 2023, in their biggest one-day increase since March 2022.), which also reported earnings on Friday, posted a forecast-beating 55% jump in first-quarter net profit, driven by corporate and investment banking sales. SocGen's investment banking division saw its earnings jump 26.4% to 690 million euros, beating forecasts, while revenues weakened 5.1% to 2.62 billion euros for the quarter.
SocGen said the transfer from sight deposits to regulated savings account with a fixed interest rate weighed on its results. Krupa, who took over just a year ago, disappointed investors last September by putting off a key profitability target by a year, amid stagnating sales, until 2026.