(MENAFN- AFP) French bank Societe Generale raised net profits sixfold in the third quarter to 534 million euros ($722 million) and has achieved several targets set for the year end, the bank said on Thursday.
At this time last year, the net outcome had been weighed down by exceptional charges.
However, the latest outcome was sharply below expectations of analysts polled by Dow Jones Newswires who had foreseen in general a net figure of 629 million euros.
Shares in the bank were showing a gain of 3.54 percent to 42.0 euros
Net banking income, a key measure for banks reflecting the difference between the cost of taking in deposits and the price of lending them, was in line with expectations, rising 6.1 percent to 5.7 billion euros.
The group, which targets a return on shareholder funds of 10.0 percent by the end of 2015, recently simplified its structure around three pillars, these being retail banking in France, international retail banking, and finance and investment banking.
In the third quarter, the return on shareholder funds, excluding exceptional items, was 8.5 percent. In the first nine months of the year it was 8.6 percent.
The bank said that it had achieved recurrent savings of 260 million euros, out of a target of 900 million for the end of 2015.
Regarding new capital requirements called Basel III, at the end of September the bank had a ratio of core shareholder funds to loans made of 9.9 percent compared with its target for the whole of 2013 of 9.5 percent.
The leverage ratio representing shareholder funds to total balance sheet was 3.3 percent, above the level of 3.0 percent required by the new standards.
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