Societe Generale’s Quarterly Profit Beats Expectations

France’s Societe Generale reported a net income of 1.44 billion euros (about $1.71 billion) for the second quarter of the year, buoyed by a recovery in retail banking in France.

Analysts had expected a net profit of 704 million euros for the three-month period, according to Refinitiv data.

The latest results come on the heels of a “record” quarter at the beginning of 2021, when the first-quarter profit was €814 million.

It is noteworthy that the bank’s shares rose by 49% since the beginning of the year.