Societe Generale's 3Q 2017 Hit Hard by Weak Trading Revenue
No-moat Societe Generale reported net income of EUR 2.8 billion for 2017, representing a 27% decline compared with 2016. However, the firm does exclude various items that it views as nonrecurring. Underlying net income of EUR 4.5 billion represents an 8% increase compared with 2016, while flat revenue and a 2% increase in costs led to a 3% decline in preprovision profits. The growth in underlying profits was therefore solely due to credit costs falling by half to 0.2%. We retain our EUR 54.50 fa...
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