(MENAFN– ecpulse)
Soceiete Generale second-quarter net profit rose to 995 million euros from 436 million euros a year earlier, beating economists average forecast of 703 million euros.
Shares of the French banking group surged more than 8 percent in Paris trading Thursday afternoon, as second-quarter earnings more than doubled and came in above expectations. Societe Generale is now valued at 26 billion euros.
The French-based group had improved despite the economic and financial hardships in its home region. Chie Executive Frédéric Oudéa was very happy with the results.
The company held its 2015 profit target and said the budget-cuts introduced a quarter ago were in the process of being implemented – 170 million euros on cost savings had been secured out of total plan of 900 million euros by 2015.
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