Societe Generale sees Q3 profits increase 6 fold

AP News
Posted: Nov 07, 2013 7:28 AM

PARIS (AP) — Societe Generale says its net income increased six fold in the third quarter after last year's efforts to clean up the balance sheet.

The French bank said Thursday that its net income for the July-to-September quarter was 534 million euros ($722 million), compared with 90 million euros in the same period last year. The improvement comes despite declines in its retail and investment banking divisions. In the wake of the European debt crisis, many banks have had to write down the value of bad loans.

Third-quarter earnings last year were hit by millions of euros in charges to reevaluate the bank's financial liabilities.

Societe Generale also announced Thursday that it is in discussions with Credit Agricole to purchase its stake in Newedge, the banks' joint-venture derivatives brokerage.