reports
- Arnaud Journois
- Charlotte Cervin
- Elisabeth Rudman
- Miklos Halasz
Climate Transition Risks for French Banks’ Fleet Management Companies ...
This commentary discusses the French Banks’ fleet leasing operations and their exposure to transition risks. This commentary focuses in particular on BNP Paribas and Societe Generale as they have built up sizable footprints in car leasing and fleet management which have become significant sources of revenues for the banks. Key highlights include: • We view fleet leasing operations as particularly exposed to transition risks as governments and regulators alike have increased the pressure relat...
- Arnaud Journois
- Elisabeth Rudman
Investigations into Dividend Stripping at Some French Banks
DBRS Morningstar has published a commentary focusing on Investigations into Dividend Stripping at Some French Banks. Key highlights include: • The headquarters of five French banking institutions (BNP Paribas SA and its subsidiary Exane, Société Générale SA, Natixis SA - Groupe BPCE's investment bank and HSBC Continental Europe - part of HSBC Holdings plc) were raided on March 28, 2023 by French authorities as part of an investigation into a potential EU-wide tax fraud case. • These French...
- Arnaud Journois
- Elisabeth Rudman
French Banks Report Strong Q2 2022 Despite Provisions Related to Uncer...
DBRS Morningstar has released a commentary discussing large French banks’ Q2 2022 earnings, covering BNP Paribas SA, Société Générale S.A., Crédit Agricole Group and Groupe BPCE. Summary highlights from the commentary include: • French banks delivered another solid performance in Q2 2022 with strong revenue growth, especially in CIB. • Operating expenses continued to grow to accompany higher activity levels but still with positive jaws. • Cost of risk was up on ex-ante provisions in view of th...
- Arnaud Journois
- Elisabeth Rudman
SocGen's Russian Exposures Add New Challenges After Record Profits in ...
DBRS Morningstar has released a commentary discussing SocGen’s Russian exposures and the potential impacts of the Russia-Ukraine conflict. Key highlights: • DBRS Morningstar expects the profitability of SocGen's operations in Russia to be significantly affected by the current situation given the extent of the military action and the sanctions being imposed. However, we still expect this will be manageable for SocGen at Group level, given the limited contribution of Russia to revenues and pr...
- Arnaud Journois
- Elisabeth Rudman
SocGen: Resilient Q4 2020 Despite Higher Cost of Risk
Société Générale SA (SocGen or the Group) reported a net attributable income of EUR 470 million in Q4 2020, down 28.1% year-on-year (YoY) and down 45.4% quarter-on quarter (QoQ). Excluding specific items and at constant exchange rates, group net income group share was down 17.6% YoY. For FY 2020, the Group reported a EUR 258 million net loss compared to a EUR 3.2 billion profit for FY2019. Q4 2020 results were impacted by higher cost of risk due to COVID-19 and ongoing revenue pressure despite a...
- Andrea Costanzo
- Arnaud Journois
- Elisabeth Rudman
SocGen: Rebound in Q3 2020 on CIB Performance and Cost Reductions
Société Générale SA (SocGen or the Group) reported a EUR 862 million net attributable profit in Q3 2020, up 0.9% year-on-year (YoY) and a rebound compared to losses in the first two quarters of 2020. Excluding specific items and at constant exchange rates, group net income group share was up 9.8% YoY. In 9M 2020, SocGen reported a net attributable loss of EUR 728 million compared to a EUR 2.6 billion profit for the same period last year. Q3 2020 results were driven by a reduction in costs and a ...
- Elisabeth Rudman
- Vitaline Yeterian
European Banking: Key Themes in 2020
With prolonged ultra-low interest rates affecting European banks’ revenues, in 2020 it will be key for banks to reduce operating costs further, while maintaining necessary investments in IT, regulatory and compliance requirements. Other key themes that DBRS Morningstar considers important in 2020 include the importance of banks having adequate controls in place to manage operational risks, regulators and investors making increasing demands on banks to recognise the impact of climate change, an...
BNP BNP PARIBAS SA CLASS A
DBK DEUTSCHE BANK AG
HSBA HSBC HOLDINGS PLC
LYG.. LLOYDS BANKING GROUP PLC ADS
LLOY LLOYDS BANKING GROUP PLC
BARC DEUTSCHE TELEKOM AG
DTE NATWEST GROUP PLC
NWG BANCO SANTANDER S.A.
SAN BANCO BILBAO VIZCAYA ARGENTARIA S.A.
BBVA SWEDBANK AB ADS
SWDBY COÖPERATIEVE RABOBANK U.A.
RABO SOCIÉTÉ GÉNÉRALE
2908Z S.A.
BBV/D BANCO BILBAO VIZCAYA ARGENTARIA
BBVXF S.A.
1111Z ING BANK N.V.
44250Z DZ BANK AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK
CRARY CREDIT AGRICOLE S.A. ADS
CRARF CRÉDIT AGRICOLE S.A.
167214Z SKANDINAVISKA ENSKILDA BANKEN AB
SWEDA SWEDBANK AB (PUBL)
SHBA SVENSKA HANDELSBANKEN AB (PUBL)
1211M BARCLAYS PLC
BCSYF ABN AMRO BANK N.V.
3531454Z ROYAL BANK OF SCOTLAND GROUP PLC
RBOS THE
BNPQF BNP PARIBAS SA
- Elisabeth Rudman
- Vitaline Yeterian
BNP BNP PARIBAS SA CLASS A
DBK DEUTSCHE BANK AG
HSBA HSBC HOLDINGS PLC
LYG.. LLOYDS BANKING GROUP PLC ADS
LLOY LLOYDS BANKING GROUP PLC
BARC DEUTSCHE TELEKOM AG
DTE NATWEST GROUP PLC
NWG BANCO SANTANDER S.A.
SAN BANCO BILBAO VIZCAYA ARGENTARIA S.A.
BBVA SWEDBANK AB ADS
SWDBY COÖPERATIEVE RABOBANK U.A.
RABO SOCIÉTÉ GÉNÉRALE
2908Z S.A.
BBV/D BANCO BILBAO VIZCAYA ARGENTARIA
BBVXF S.A.
1111Z ING BANK N.V.
44250Z DZ BANK AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK
CRARY CREDIT AGRICOLE S.A. ADS
CRARF CRÉDIT AGRICOLE S.A.
167214Z SKANDINAVISKA ENSKILDA BANKEN AB
SWEDA SWEDBANK AB (PUBL)
SHBA SVENSKA HANDELSBANKEN AB (PUBL)
1211M BARCLAYS PLC
BCSYF ABN AMRO BANK N.V.
3531454Z ROYAL BANK OF SCOTLAND GROUP PLC
RBOS THE
BNPQF BNP PARIBAS SA
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