PARIS: Societe Generale SA reported an unexpected increase in first-quarter profit, boosted by consumer banking, and announced plans to deepen cost cuts at its investment bank.
Net income rose to 924 million euros from 868 million euros a year earlier, the Paris-based bank said yesterday. That beat the 765 million euro average estimate of six analysts in a Bloomberg survey. Societe Generale booked a 218 million euro gain after the EU antitrust regulator slashed a 2013 penalty for rigging interest rates.
