SocGen bank shares jump as profit doubles

French banking giant Societe Generale said Thursday it more than doubled its net profits in the second quarter, pushing its shares up by nearly 6.0 percent. The bank said that the performance reflected an increase in deposits by customers in France and abroad during the period. Profits for the three months ending June reached 955 million euros ($1.26 billion), up 119 percent from the figure in the same quarter last year. That exceeded market expectations by a wide margin. Analysts polled by Dow Jones Newswires had forecast net earnings of 608 million euros. Although it reported weak demand for credit in recession-hit France, the bank said there was a "strong deposit inflow" at its domestic business. Fixed-term deposits in France were up 27 percent from the figure for the same period last year, while special savings accounts which enjoy certain advantages under the law were up 10.8 percent. Its international retail banking network also registered a rise of 5.3 percent in deposits on the back of a robust inflow in Russia, central and eastern Europe and sub-Saharan Africa.