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French banks report a strong Q1
06 May 2015 08:08
Société Générale and Crédit Agricole joined bigger French rival BNP Paribas today in posting stronger first quarter earnings on firm revenues from investment banking.
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Brisk financial market trading and booming corporate bond issuance helped the trio of French banks offset lacklustre performances in their domestic retail banking markets.
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In its first quarter results report, Société Générale said revenues from equities trading jumped by nearly a third as many markets reached record highs with unprecedented amounts of central bank liquidity flooding into financial markets.
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A weaker euro and the full integration of its Newedge brokerage unit drove a nearly 22% increase in corporate and investment banking revenues at SocGen.
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Excluding those two factors, the division's revenues were up to 8%.
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With many corporate borrowers rushing to lock in record low interest rates, Crédit Agricole benefited from a strong position in arranging bond issues.
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