Societe Generale posted third-quarter profit that missed estimates, hurt by an equities trading slump.
Bloomberg News reports net income rose 57 percent to 836 million euros ($1.04 billion) from a year earlier, below the 872 million-euro average estimate of five analysts surveyed by Bloomberg. Income from equities trading dropped 25 percent.
'It’s disappointing,' said Alex Koagne, a Paris-based analyst at Natixis SA who recommends buying Societe Generale shares. 'To put it simply, revenues are under pressure' in investment banking and French retail banking, he said.
Bloomberg also reports that Credit Agricole fell in Paris trading as slow economic growth weighed on the bank’s profit in consumer banking.
Third-quarter profit rose 4.1 percent to 758 million euros ($946 million), helped by higher earnings at its corporate and investment bank, the Montrouge, France-based bank said in a statement. While that beat the 743 million-euro average estimate of six analysts surveyed by Bloomberg, retail banking profit fell.
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