Societe Generale , France's third biggest bank, posted a higher-than-expected quarterly profit on Wednesday, driven by bumper trading sales, corporate financing and car leasing activities as it set aside more money for bad loans.
The logo of Societe Generale is seen on the headquarters at the financial and business district of La Defense near Paris, France, February 4, 2020. REUTERS/Benoit TessierKrupa to take over as CEO in May, France's third biggest bank, posted a higher-than-expected quarterly profit on Wednesday, driven by bumper trading sales, corporate financing and car leasing activities as it set aside more money for bad loans.
The French lender, which beefed up provisions for failing loans and hiked its core capital metric ahead of an upcoming change in CEO, is calling 2023 a "transition year," with the aim of clinching key deals after a bruising year marked by a costly exit from Russia. SocGen is seeking to revive its stock valuation after years of restructurings and lackluster performance marked last year by its Russia exit, where it had to take a 3 billion-euros write-off for the sale of its Rosbank unit after the invasion of Ukraine.
The reported group net income for the three months ending in December came in at 1.16 billion euros , beating the analyst consensus of 834 million euros provided by Visible Alpha.
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.
USD Index could revisit January peak near 105.60 on a break past 103.70/104.10 – SocGenUS Dollar maintains bid tone. Economists at Société Générale expect the USD Index (DXY) to extend the rebound and see potential to reach the January p
Read more »
GBP/USD to suffer a susbtantial drop on a break below 1.1840 – SocGenGBP/USD has formed a potential double top after failing to cross 1.2450. Economists at Société Générale expect to see a down move towards 1.1840, with
Read more »
Capital repatriation to Europe and Japan can keep the Euro and Yen climbing – SocGenHigher absolute yields in the Eurozone and Japan may drag more capital home, strengthening Euro and Yen and deepening the fall of the Dollar, Kit Juck
Read more »
SocGen beats expectations for the fourth quarter, boosted by investment banking unitSociete Generale on Wednesday reported a net income of 1.16 billion euros ($1.24 billion) for the final quarter of 2022.
Read more »
SocGen's Q4 profit beats expectations, sees higher bad loan risksSociete Generale , France's third biggest bank, posted a higher-than-expected profit in the fourth quarter, driven by a strong performance of its corporate and investment banking division as it set aside more money for failing loans.
Read more »
Netflix Cements Position In France With Cinémathèque Française Sponsorship Deal; Sets Agnès Varda Tie-InNetflix’s complex relationship with the French cinema world took another twist on Monday as the streamer said it was bolstering its support of the Cinemathèque Française to become a major sponsor o…
Read more »