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SocGen Q3 profit beats forecasts on foreign retail banking, trading
[PARIS] Societe Generale posted stronger-than-expected third-quarter results on Thursday, as a recovery in foreign retail business and a bumper quarter for its trading operations helped offset falling revenue at home.
The group's third-quarter results mirrored larger rivals, including BNP Paribas which reported a forecast-beating profit, benefiting from a boom in bond trading.
Third-quarter net income fell 2.4 per cent to 1.10 billion euros (S$1.69 billion). Analysts in a Reuters poll had estimated on average a fall in the figure to 745 million euros.
Revenue fell 5.6 per cent to 6.01 billion euros, above the poll average of 5.91 billion.