Cabannes: Recovery on the Horizon for Financial Services
Societe Generale SA, France’s second-largest bank, said second-quarter profit rose 8 percent on lower provisions for bad loans and a gain on the sale of its stake in Visa Europe. Net income rose to 1.46 billion euros ($1.6 billion) from 1.35 billion euros in the same period a year earlier, the Paris-based bank said in a statement Wednesday. That beat the 1.36 billion-euro average estimate of six analysts compiled by Bloomberg. Societe Generale booked a 725 million-euro gain from the sale of its stake in Visa Europe, more than offsetting a 200 million-euro provision for legal risks. Societe Generale Deputy CEO Severin Cabannes discusses earnings with Bloomberg's Caroline Connan.