French bank Societe Generale reported a 22% Q1 net profit decline to €680M, but outperformed equity traders with a 3% revenue rise to €870M, exceeding analyst estimates.
French bank Societe Generale reported a 22% decline in Q1 net profit to €680M, but outperformed equity traders in Q1 with a 3% revenue rise to €870M, surpassing analyst estimates. The bank's investment banking division saw earnings rise 26.4%, offsetting weaker retail banking and fixed-income trading. Despite a costly hedging policy and 900 job cuts, SocGen's stock price has risen 7% since the start of the year.
May 03, 2024
4 Articles