Societe Generale : Net income beats forecasts, benefiting from very low CoR
>Lower revenues in retail banking in France and CIB - Société Générale reported its Q2 2023 net income yesterday evening. Total revenues stood at € 6,287m (-10.3% pro forma), a shade below forecasts (€ 6,394m, our forecast € 6,448m), due notably to a more negative revenue level than expected for the holding company (-€ 375m) which factors in € 240m in litigation costs (which seem to have often been added to costs). The holding company revenues also factor in a charge ...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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