Societe Generale rises after better-than-expected Q3 results
** Shares in Societe Generale SOGN.PA rise 9% as the French bank reports better-than-expected Q3 results and announces leadership changes
** Group net income more than quadrupled from a year earlier to 1.37 billion euros ($1.49 billion)
** Jefferies calls the update "the right kind of progress"
** Jefferies says earnings were 16% above the consensus, driven by a strong revenue performance (5% ahead) and a very disciplined performance on costs
** It adds that divisionally, French retail, insurance and capital markets all surprised on revenues
** The broker adds that in its view, Q3 marks a turning point for SocGen's investment case, with confirmation of a turn in French retail revenue; notably French NII tracked to its 1.06 billion euro estimate (up from 893 million euros in Q2)
** The shares are on track for a best day since March 16, 2022, when they closed 9.1% higher
($1 = 0.9207 euros)
Reporting by Marianna Ciabach-Malinowska
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