Société Générale today reported an 83% collapse in third-quarter profits on provisions and write-downs, but the figures still sent its shares higher.
The French bank, hit by a huge unauthorised trading scandal at the beginning of the year, said the provisions and write-downs had arisen mainly in its financing and investment divisions.
Net profit fell to €183m from €1.123 billion the same time last year.
Analysts said that despite a terrible September on the markets, and contrary to many rumours which have circulated recently, Société Générale has managed to report a positive result for the third quarter.
They added that the overall results were good and that 'retail banking activity in France and outside France is stronger than expected.'
Net banking income, or the gross margin on taking in funds and lending them out, rose by 2.4%, which was more than the bank's target for the year of 1-2%.
