SocGen profits rebound in 2010

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The Independent Online

Profits at the French banking group Société Générale soared to €3.9bn (£3.3bn) in 2010, almost six times higher than the year before.

The group's net profits in the fourth quarter quadrupled to €874m after its retail banking and equity derivative trading operations strengthened.

This contributed to strong full-year numbers as the group bounced back from the financial crisis and the Jérôme Kerviel rogue trading scandal in 2008.

The strong results, which were also driven by a fall in bad-loan provisions and a cost-cutting drive, sent the shares up 5.9 per cent yesterday.

The bank, under its new chief executive, Frederic Oudea, has a profit target of €6bn next year. This is part of Mr Oudea's turnaround plan for the group.