The second largest bank in France Societe Generale SA has delighted economists and investors all over by posting a third quarter report which reveals earning figures which have doubled as compared to figures reported last year. With the new development, the bank's investment banking unit has returned to profit with a bang.

As per official figures, the bank's net income for the reported quarter has been recorded as a whopping 426 Million Euros ($627 Million), which is much above the figure of 399 Million Euros estimated by 11 analysts interviewed by Bloomberg. After the revelation, shares of the Paris based bank rose by 4.2%.

“The current environment should be favorable for Societe Generale”, said Alain Tchibozo, a London-based analyst at ING Wholesale Banking. “Fixed income has been a driver for most of the banks that have reported earnings so far and equity revenues are improving".

As recorded in early Paris trading Societe Generale rose by 1.80 Euros, or 4.1%, to reach a new per share value of 45.45 Euros. This valued the bank at 33.6 Billion Euros. This year, Societe Generale has so far recorded a 33% gain, as compared to 77% gain recorded by BNP Paribas SA, France’s largest bank.

With the economic situation around the world now improving, the French bank is looking at even better results in future.