SocGen 3Q Net Profit, Revenue Fell; Capital Rose -- Earnings Review
November 06 2019 - 5:16AM
Dow Jones News
By Pietro Lombardi
Societe Generale SA (GLE.FR) reported third-quarter results on
Wednesday. Here's what you need to know:
NET PROFIT: France's third-largest listed bank by assets
reported a 35% decline in net profit for the period to 854 million
euros ($948.1 million). Deutsche Bank analysts had forecast a net
profit of EUR922 million.
REVENUE: Net banking income, the bank's top-line revenue figure,
fell 8.4% to EUR5.98 billion. This compares with analysts'
expectations of EUR6.02 billion, according to a consensus forecast
provided by FactSet.
WHAT WE WATCHED:
-CAPITAL: The core Tier 1 ratio, a key measure of capital
strength, rose to 12.5% in September from 12% at the end of June.
The bank "continues to deliver strong on capital," Jefferies
said.
-INVESTMENT BANK: The performance of the bank's global banking
and investor-solutions business, which includes investment banking
and asset management, weighed on the results. Earnings at the unit
declined almost 27% on year, with revenue down 7.6%. Fixed-income
revenue grew 1% while equities revenue fell 20%.
-OTHER DIVISIONS: Earnings fell 2.8% at the bank's French retail
banking operations while they were down 3.6% at the international
retail banking and financial services division.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
November 06, 2019 05:01 ET (10:01 GMT)
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