Societe Generale : Q2 2020 – tough quarter, uncertain outlook
>Q2 2020 – earnings close to breakeven, the rerating will have to wait - The consensus sees reported net profit of only € 28m, after a loss of -€ 326m in Q1 and FY 2019 net profit of € 3.2bn. We forecast a net profit of € 180m. Following Q1 2020, the consensus was looking for Q2 net profit of € 365m. The messages of caution have been priced in, particularly on equity revenues: the consensus now expects € 305m vs € 487m post Q1 2020. We have lowered our forecast to € 2...Societe Generale is a universal banking and financial services group based in France. Co. is engaged in operations in areas such as retail banking, corporate and investment banking, financial services, insurance, private banking and asset management. Co.'s three segments are: French Retail Banking (FRB); International Retail Banking & Financial Services (IBFS); and Global Banking and Investor Solutions (GBIS). FRB offers products and services to individual, professional and business customers; IBFS comprises banking networks and consumer finance activities; and GBIS covers global activities of Corporate and Investment Banking. Co. maintains operations across 76 countries globally.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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