SocGen net profit rises as consumer bank gains offset trading slump

PARIS: Societe Generale SA reported a 28% increase in third-quarter profit as an accounting gain tied to its own debt and improved consumer-banking results outweighed a slump in trading revenue.

Net income at France’s second-largest bank rose to 1.13 billion euros (US$1.23bil) from 882 million euros a year earlier, the Paris-based bank said. Earnings beat the 840 million-euro average estimate of six analysts surveyed by Bloomberg.