LONDON (Reuters) - Societe Generale's new CEO Slawomir Krupa pledged on Monday to cut costs to boost profits by 2026 amid stagnating sales, in his ...
LONDON - Societe Generale's new CEO Slawomir Krupa pledged on Monday to cut costs to boost profits by 2026 amid stagnating sales, in his first strategic plan for France's third-biggest listed bank.In August last year, the bank said it was aiming for average annual revenue growth of at least 3% for 2021-2025.Targets a 9 to 10% return on tangible equity ratio in 2026, up from a reported 5.6% ROTE at the end of June. Just over a year ago, SocGen was aiming for ROTE of 10% in 2025.
Targets a cost-to-income ratio of less than 60% in 2026 from 75% in the second quarter. A year ago, it said it aimed for a cost-to-income ratio of 62% or below.Aims for a CET1 ratio - a key measure of financial strength - of 13% in 2026, almost on par with the 13.1% reported at end of June. In August last year, the bank aimed for a CET 1 capital ratio of 12% in 2025.Payout ratio range is targeted at between 40% and 50% of reported net income, from 2023.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
SocGen's new boss Krupa pledges to cut costs to boost profits by 2026By Mathieu Rosemain LONDON (Reuters) -Societe Generale's new CEO Slawomir Krupa pledged on Monday to cut costs to boost profits by 2026 amid stagnating ...
Read more »
Factbox-Rifle, fur hat, drones: North Korea's Kim returns with gifts from RussiaSEOUL (Reuters) - North Korean leader Kim Jong Un is heading home on Monday, most likely with gifts from his Russian hosts including a rifle, a ...
Read more »
Factbox-Rifle, fur hat, drones: North Korea's Kim returns with gifts from RussiaSEOUL (Reuters) - North Korean leader Kim Jong Un is heading home on Monday, most likely with gifts from his Russian hosts including a rifle, a ...
Read more »
Blaming different levels of government won’t get more houses built: London mayorWatch Blaming different levels of government won’t get more houses built: London mayor Video Online, on GlobalNews.ca
Read more »
London police arrest 25-year-old who allegedly climbed over and entered stables at Buckingham PalaceLondon police arrested a 25-year-old man early Saturday morning after he allegedly climbed over a wall and entered the royal stables at Buckingham Palace.
Read more »
London attack trial: Jury sees video of suspect’s police interviewWatch London attack trial: Jury sees video of suspect’s police interview Video Online, on GlobalNews.ca
Read more »