reports
- Johann Scholtz
SocGen's French businesses are attractive, but overhead costs and loss...
No-moat Societe Generale reported net income of EUR 2.8 billion for 2017, representing a 27% decline compared with 2016. However, the firm does exclude various items that it views as nonrecurring. Underlying net income of EUR 4.5 billion represents an 8% increase compared with 2016, while flat revenue and a 2% increase in costs led to a 3% decline in preprovision profits. The growth in underlying profits was therefore solely due to credit costs falling by half to 0.2%. We retain our EUR 54.50 fa...
- Stephen Ellis
SocGen's French businesses are attractive, but overhead costs and loss...
Societe Generale's first-quarter results were a mixed bag composed of growth in its business operations paired with higher provisions and settlements for previous disputes. The group posted net income of EUR 747 million and a return on equity of 5.2%, which includes a EUR 350 million provision for a settlement with the Libyan Investment Authority on a dispute dating back to before 2007 as well as the implementation impact of the IFRIC 21 accounting standard. On an adjusted basis, net income and ...
- Stephen Ellis
SoGen Reports Mixed First-Quarter Results; Outlook on Increasing Expen...
Societe Generale's first-quarter results were a mixed bag composed of growth in its business operations paired with higher provisions and settlements for previous disputes. The group posted net income of EUR 747 million and a return on equity of 5.2%, which includes a EUR 350 million provision for a settlement with the Libyan Investment Authority on a dispute dating back to before 2007 as well as the implementation impact of the IFRIC 21 accounting standard. On an adjusted basis, net income and ...
- Stephen Ellis
SocGen's French businesses are attractive, but overhead costs and loss...
Societe Generale reported decent full-year results, while the company faces headwinds from a challenging retail banking environment in France. We plan to maintain our $8/EUR 36 fair value estimate and no-moat rating. Despite a weak fourth quarter and group profits declining 33% compared with fourth-quarter 2015, SoGen achieved solid growth of 18% in adjusted net income for the full year. It made improvements on the net cost of risk, which declined 31% on an adjusted and constant exchange-rate ba...
- Stephen Ellis
SoGen Reports Decent Results Due to International While French Banking...
SoGen reported solid third-quarter results and we plan to maintain our $8/EUR 36 fair value estimate and no moat rating. Similar to peer BNP, the bank’s results saw weakness in French retail banking and strength elsewhere, where net profits fell 15% to EUR 353 million due to low interest rates pressuring net interest margins. SoGen is undergoing a EUR 850 million cost reduction program, which includes closing about 20% of its branches to address the issue by 2020. In contrast, fixed-income, ...
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