logo
  

Societe Generale Slips To Loss In Q2, Banking Income Rises; Sees Growth In FY25

French Lender Societe Generale SA (SCGLF.PK,SCGLY.PK) reported Wednesday that its second-quarter Group net loss was 1.48 billion euros, compared to prior year's income of 1.44 billion euros.

Underlying Group net income was 1.51 billion euros, compared to 1.35 billion euros a year ago.

Operating income climbed 18.8 percent to 2.39 billion euros. Net banking income grew 12.8 percent to 7.07 billion euros from prior year's 6.26 billion euros with strong revenue growth for all the businesses.

Net banking income increased 13.4 percent at constant currency basis.

Looking ahead for fiscal 2025, the company targets revenue growth of above or equal to 3 percent 2021-2025 CAGR.

Fréderic Oudéa, the Group's Chief Executive Officer, said, "By 2025, having reaped all the benefits of the numerous strategic and operating efficiency initiatives under way, we confirm our ability to deliver profitability of 10 percent on the basis of a target core Tier 1 capital ratio of 12 percent, while maintaining an attractive distribution policy for our shareholders."

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Stocks fluctuated in morning trading on Friday before once again coming under pressure over the course of the afternoon. The major averages extended the sharp pullback seen on Thursday, ending the session at their lowest closing levels since late 2020. Consumer sentiment in the U.S. improved by less than initially estimated in the month of September, according to revised data released by the University of Michigan on Friday. The University of Michigan said the consumer sentiment index for September was downwardly revised to 58.6 from the preliminary estimate of 59.5. Chicago-area business activity unexpectedly contracted in the month of September, according to a report released by MNI Indicators on Friday. MNI Indicators said its Chicago business barometer slumped to 45.7 in September from 52.2 in August, with a reading below 50 indicating contraction. Economists had expected the business barometer to edge down to 51.8.
RELATED NEWS
Follow RTT