Investing.com - The European financial sector was among the best performers in midday trade on Thursday, as investors cheered strong results from Societe Generale (PA:SOGN) and Commerzbank (DE:CBKG).
The European banking index (Stoxx 600 Banks) was up 0.7% by 6:48AM ET (1148GMT).
Shares of French banking giant Societe Generale gained 3% in Paris after the lender reported a better-than-expected 32% jump in its net income from last year.
"Our revenues increased due to the confirmed growth in International Retail Banking & Financial Services and the healthy momentum in Financing & Advisory and market activities," Fréderic Oudéa, the Group's chief executive officer, said in a statement.
Meanwhile, Commerzbank's third-quarter net profit beat estimates, as Germany's second-largest bank focused on a major overhaul, sending shares 4% higher in Frankfurt.
"The environment remains challenging and although we have made a lot of progress, we still have some work to do," Chief Executive Martin Zielke said in a statement.
The upbeat results soothed concerns about slowing corporate earnings in the sector and boosted other banks across Europe. Deutsche Bank (DE:DBKGn) gained 0.7%, Credit Agricole (PA:CAGR) rose 1.2%, while Barclays (LON:BARC) added 1.7% in London.