Socgen 1Q18: Trading Drags Down Profits, but Retail Is the Major Disappointment
No-moat Societe Generale reported net income of EUR 850 million for the first quarter of 2018, which represents a 14% increase year on year. At first blush, this appears fairly decent; however, this was all due to sharply lower loan-loss provisions. Preprovison profits declined by 14%, with revenue tracking backwards by 3% and costs increasing by 4%. We believe that the market will increasingly focus on the preprovision result, as loan-loss provisions are now significantly below midcycle levels ...
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