Societe Generale : Very good net income in Q1, but with contrasting performances depending on the businesses
>High revenues in CIB but down strongly in retail banking in France - Société Générale reported its Q1 2023 earnings on Friday morning. This was the first time the group reported earnings under IFRS 17. Total group revenues came to € 6,671m (+3.8% pro forma), close to expectations (consensus € 6,701m, our estimate € 6,614m), but with revenues that were much better than expected in market activities and lower than expected in retail banking in France. In retail banking...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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