SocGen 3Q 2017 Hit Hard by Weak Trading Revenue
No-moat Societe Generale reported weak results with a 15% decline in net income for the third quarter of 2017 compared with the year-ago period. Low volatility hit trading revenue especially hard. We retain our EUR 54.50 fair value estimate and our no-moat rating.French retail banking experienced a 12% decline in net income. Net interest margins were under pressure from lower interest rates that put pressure on liability margins, as well as lower asset yields to due home loan renegotiations. In...
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