Rather overlooked amid the disappointing investment bank results being reported in the final months of 2010, Société Générale’s corporate and investment banking division surprised analysts and investors with better than expected earnings across its businesses in the third quarter compared with the second, boosting returns for the bank as a whole. “The 18% beat was due in large part to CIB, thanks to better than expected revenues in fixed income and financing, as well as lower provisions,” pointed out analysts at KBW.
The French bank will not present fourth-quarter 2010 and full-year results until February but analysts have been upgrading their forecasts.
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