Societe Generale : Strong CIB revenues but cut to NII forecast in France
>Revenues 2% above consensus but NII guidance downgraded - Société Générale reported Q2 results yesterday. Revenues totalled € 6.68bn (+6.3%), 1.9% above the consensus (and 0.7% above our forecast), far exceeding expectations in capital markets but with lower net interest income (NII) than expected in French retail banking (€ 893m in Q2, ~€ 50m below our forecast). Stripping out the impacts of short-term interest-rate hedging (final impact recorded in Q2), NII fell b...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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