A logo outside a Societe Generale SA bank branch in Paris, France.
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LONDON — French bank Societe Generale reported a “record” quarter for its trading division, helping it beat analyst expectations for the first three months of 2021.
Net income for the first quarter came in at 814 million euros ($977 million), the lender said Thursday. Analysts were expecting a net income of 204 million euros.
Societe Generale got a significant boost from its Global Markets division, where revenues hit 1.65 million euros and the level of activity was the highest since the first quarter of 2017.
Revenues from fixed income and currency activities were up by 51% from the previous quarter. In the equity business, revenue jumped 44%.
“The Equity businesses enjoyed their best quarter since 2015, with a remarkable performance in each of the regions, all activities having benefited from the good market conditions,” the bank said in its release.
Frédéric Oudéa, CEO of the Bank, added in a statement: “From a commercial and financial viewpoint, the sharp rebound in our revenues, in keeping with the two previous quarters, our continued cost discipline and good risk management have enabled a very significant recovery in our earnings and profitability.”
Thursday’s results come after the company also surprised markets at the end of the four quarter with a net income of 470 million euros, and well above the 252 million euros estimated by analysts.
Societe Generale stock is up nearly 40% year-to-date.
This is a breaking news story and will be updated shortly.