Societe Generale earnings better than expected.

Keywords: Banks, profit, Greek debt, FRANCE, Baudouin Prot, Frederick Oudéa, Societe Generale, BNP Paribas, Credit Agricole.

The banking group publishes a net profit of over 1 billion euros against a loss of 278 million euros a year ago to the same period. A figure well above the expectations. However, Societe Generale is set to 3 billion euros in debt Greek.

Under a first quarter considered "satisfactory" Societe Generale on Wednesday posted a net profit of 1.06 billion euros against a loss of 278 million euros a year earlier. The net banking income, meanwhile, jumped 34% to 6.581 billion euro.
The first quarter results is beyond the expectations of analysts, who predicted a profit of 658 million euros.
Societe Generale has the performance to a much smaller loss of its portfolio of illiquid assets, which includes securities linked to U.S. residential and commercial property. It cost him 169 million euros, against 1.22 billion euros in the first quarter of 2009.

Exhibit 3 billion euros of debt Greek:
In total, bank financing and investment has been very profitable this quarter, with net profit of 541 million euros, against a loss of 171 million a year earlier.
Societe Generale reported, a statement, An exhibition on Greek sovereign risk 3 billion euros in late April, a figure much higher than those already provided by its French counterparts. The Credit Agricole has reported an exposure of 850 million euros, 600 million for its subsidiary Emporiki, while BNP Paribas' exposure to Greek banks is "absolutely negligible", according to its CEO Baudouin Prot .
Regarding the group's net profit for 2010, the bank confirmed that it is still "confident" to reach the figure of 3 billion euros expected by the market consensus earlier this year. Societe Generale must hold its AGM on May 25.