Societe Generale profits beat estimates as rebound in global markets drives growth

Societe Generale third-quarter results beat expectations on Thursday after the company reported a 32 percent jump in its net income from last year. The bank’s net income stood at 1.2 billion euros in the third quarter of 2018, beating analysts expectation of 955 million euros for the quarter, according to data firm Refinitiv. The French bank reported a net income of 932 million euros in the third quarter of 2017. International retail banking achieved a reported group net income of 532 million eu


Societe Generale third-quarter results beat expectations on Thursday after the company reported a 32 percent jump in its net income from last year. The bank’s net income stood at 1.2 billion euros in the third quarter of 2018, beating analysts expectation of 955 million euros for the quarter, according to data firm Refinitiv. The French bank reported a net income of 932 million euros in the third quarter of 2017. International retail banking achieved a reported group net income of 532 million eu
Societe Generale profits beat estimates as rebound in global markets drives growth Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-08  Authors: silvia amaro, antoine antoniol, bloomberg, getty images
Keywords: news, cnbc, companies, million, markets, generale, societe, estimates, profits, euros, billion, net, group, banking, rebound, beat, drives, reported, versus, income, growth, quarter, global


Societe Generale profits beat estimates as rebound in global markets drives growth

Societe Generale third-quarter results beat expectations on Thursday after the company reported a 32 percent jump in its net income from last year.

The bank’s net income stood at 1.2 billion euros in the third quarter of 2018, beating analysts expectation of 955 million euros for the quarter, according to data firm Refinitiv.

The French bank reported a net income of 932 million euros in the third quarter of 2017.

Here are some of the key highlights of the latest quarter:

Net banking revenue stood at 6.5 billion euros versus 5.9 billion a year ago

Operating expenses rose to 4.3 billion euros from 4 billion a year ago

Common Equity Tier 1 ratio at 11.2 percent versus 11.4 percent at the end of 2017

“Our revenues increased due to the confirmed growth in International Retail Banking & Financial Services and the healthy momentum in Financing & Advisory and market activities,” Fréderic Oudéa, the Group’s chief executive officer, said in a statement.

International retail banking achieved a reported group net income of 532 million euros in the third quarter from 493 million a year ago. Strong economic momentum across Europe, Russia and in its Africa subsidiaries supported this growth.

“The Group pursued its disciplined approach to cost management and the low cost of risk confirms the quality of our loan portfolio. The Group put an end this quarter to the financial impact of the major litigation issues with the U.S. authorities relating to the pre-financial crisis period,” Oudéa added.


Company: cnbc, Activity: cnbc, Date: 2018-11-08  Authors: silvia amaro, antoine antoniol, bloomberg, getty images
Keywords: news, cnbc, companies, million, markets, generale, societe, estimates, profits, euros, billion, net, group, banking, rebound, beat, drives, reported, versus, income, growth, quarter, global


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