Societe Generale profit triples

PROFITS at French bank Societe Generale have more than tripled after an impressive performance in its retail banking division.

The group said net profit for the three months to June came in at 1.08bn euros (£900m) compared with a profit of 309m euros a year ago.

But the bank warned that economic recovery was still not secure.

For the first six months of the year, the group reported a net profit of 2.15bn euros.

Chief executive Frederic Oudea said: "[The first half of 2010] testifies to the group's new commercial momentum with an excellent performance from retail banking activities and a satisfactory contribution to the results from corporate and investment banking despite a challenging market environment.”