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SocGen Q3 earnings beat estimates as investment bank offsets French slump

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France's third-biggest listed bank posted better-than-expected quarterly earnings.

Societe Generale, France's third-biggest listed bank, reported group net income of 295 million euros , above expectations.

SocGen's third-quarter reported group net income came in at 295 million euros , above the 168 million-euro average of 13 analyst estimates compiled by the company. SocGen's CEO Slawomir Krupa, who took the reins of the company in May, is striving to revive the bank's shares by delivering on the cost-cutting and conservative targets he set out in September.

The two transactions have weighed on costs, at a time when the French retail market, in stark contrast with other European countries, yields lower margins even as interest rates have risen at the fastest pace in recent history.

 

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