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French bank Societe Generale reports profit jump


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French bank Societe Generale reports profit jump

A bigger cushion of capital and higher cost savings. Those are the twin aims of Societe Generale as the French bank reported better-than-expected earnings for the second quarter.

France’s second-biggest listed lender said it expected common equity tier 1 – which is a measure of high quality capital used as a buffer to absorb surprise losses – of close to 11 percent by the end of next year having already surpassed its target of 10 percent.

It plans to carve out a further 850 million euros in savings by the end of 2017.

The group reported a net income of 1.35 billion euros on revenue of 6.87 billion euros.