French bank Societe Generale announced first quarter net profits of $1.89 billion, marking a 20% increase from the $1.57 billion in profits reported during the same period in 2005.
This quarter’s profits beat many analysts’ predictions of a projected $1.6 billion first quarter profit.
In a statement, Societe Generale said it had had an “excellent first quarter” as a result of “an economic and financial environment which was very favorable for the group’s businesses.”