SocGen Traders Post Strong Quarter as Results Top Estimates
- Fixed income unit sees revenue jump 34% in third quarter
- SocGen is transitioning to a new CEO after 15-year Oudea era
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Societe Generale SA posted a surge in debt trading in the third quarter and eked out a gain in equities where peers struggled, helping drive net income almost 50% higher than analyst estimates.
The Paris-based bank’s fixed-income and currencies trading revenue jumped 34% in the three months through September, beating the result posted by rival BNP Paribas SA and 23% average gain across major Wall Street banks. An unexpected 1% increase in equities trading helped propel net income to €1.5 billion, compared with estimates of just over €1 billion.