SocGen 3Q Net Profit Beat Expectations -- Earnings Review
08 Novembre 2018 - 10:56AM
Dow Jones News
By Pietro Lombardi
Societe Generale SA (GLE.FR) reported its third-quarter results
on Thursday. Here's what you need to know:
NET PROFIT: The bank reported a 32% increase in third-quarter
net profit to 1.23 billion euros ($1.41 billion). This compares
with analysts' expectations of a net profit for the period of
EUR896 million, according to a consensus forecast provided by
FactSet.
REVENUE: Net banking income, the bank's top-line revenue figure,
of EUR6.53 billion beat analyst expectations of EUR6.00 billion.
Net banking income rose 9.6% on year.
WHAT WE WATCHED:
--FRENCH RETAIL BANKING REVENUE: SocGen's French retail banking
business reported a 1.8% increase on year in revenue. At the bank's
international retail banking & financial services division,
revenue rose 7.3%.
--MARKETS REVENUE: The global banking and investor-solutions
business, which includes investment banking and asset management,
reported a 7.7% increase in revenue. Fixed income, currencies and
commodities revenue was flat on year, while equities revenue rose
19%.
--CAPITAL: SocGen's core Tier 1 ratio, a key measure of capital
strength, rose to 11.2% in September, up from 11.1% in June.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
November 08, 2018 04:41 ET (09:41 GMT)
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