Societe Generale Shares Slide on Profit Warning
17 Gennaio 2019 - 09:54AM
Dow Jones News
By Anthony Shevlin
Shares in France's Societe Generale SA France (GLE.FR) fell on
Thursday after the bank issued a revenue warning for its Global
Markets and Investor Services unit due to a challenging environment
in global capital markets.
SocGen expects revenue in this business to fall by around 20% in
the fourth quarter and by 10% for 2018. Market-weighted risks
should increase significantly, too, the company said.
At GMT 0813, shares in SocGen traded 3.7% lower at EUR29.11
($33.19).
Furthermore, the company said an exceptional charge of EUR240
million will be booked in its Corporate Centre in the fourth
quarter due to a result of the IFRS 5 accounting of disposals by
the group.
Taking into account both disposals and acquisitions, SocGen said
its CET1 ratio, on a pro-forma basis, is expected to be between
11.4% and 11.6% as of the fourth quarter.
Analysts at Jefferies said the profit warning was likely to
restart a debate on the company's low capital generation.
Write to Anthony Shevlin at anthony.shevlin@dowjones.com;
@anthony_shevlin
(END) Dow Jones Newswires
January 17, 2019 03:39 ET (08:39 GMT)
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