Societe Generale SA gave an upbeat outlook for the year as the economic recovery allows it to set aside less for soured loans and a rebound in equities trading fueled earnings that beat analysts’ estimates.
The Paris-based lender expects to set aside 10 basis points less -- equal to about 500 million euros ($593 million) -- for souring debt than it had planned. It also predicted business will increase in all units, after revenue and net income for the bank as a whole blew past analysts’ estimates in the second quarter. SocGen hadn’t previously given such a detailed revenue outlook.
The results