Societe Generale Beats Q3 Expectations
Societe Generale beat its Q3 earnings expectations, reporting a net income of 862 million euros, as opposed to analyst estimates of 458 million euros.
The positive news follow the French bank’s depressing Q2 results, as pandemic-related loan provisions and reduced trading business value struck the lender.
“There is a strong rebound and a confirmation of our capability to rebound in this still difficult environment. We’ve demonstrated that in this market normalization condition, we are able to generate significant revenue and profitability” Séverin Cabannes, deputy CEO at Societe Generale comments.
All in all, revenues were reported to be 5.8 billion euros, a fall of 2.9% a year ago, operating expenses fell 7.3% from a year ago, cost of risk amounted to 40 basis points, while the CET1 ratio reached 13.1% as opposed to 12.5% in the previous quarter.
The Global Banking sector further reported an increase in net income of 50.6% from a year ago on the back of more “normalized” market conditions in comparison with the first six months of 2020.
Fixed Income and Currencies hit revenues of 569 million euros due to “healthy activity with European corporate clients, higher revenues in the Americas region and in flow and hedging activities.” A sharp rebound in equity activities was also spotted.
In result of the positive earnings, shares of Societe Generale were up almost 5% in early deals.
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