Société Générale expects to post strong profits

French bank Societe Generale said it expected to announce net profits worth 2 billion euros for 2008 despite the rogue trader scandal and the mounting banking crisis. The bank's shares shot up by over 5% in initial trading.


AFP - French bank Societe Generale signalled a strong profit performance for 2008 on Wednesday, and the price of its shares jumped 5.56 percent in initial trading on the stock market here, having slumped on Tuesday.

Societe Generale said it expected to report a net profit for 2008 of 2.0 billion euros (2.6 billion dollars).

Shares in the group, hard hit by controversial trading losses 12 months ago, surged by 5.56 percent to 26.01 euros in initial trading. The overall CAC 40 index of leading shares was showing a fall of 0.83 percent.

On Tuesday, the bank's shares had fallen by 13.67 percent.

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