We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Societe Generale SA | EU:GLE | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-1.34 | -5.18% | 24.455 | 24.40 | 24.55 | 27.36 | 24.10 | 26.825 | 14,137,526 | 16:40:00 |
Adds revised targets
--Societe Generale cut its 2020 RoTE target
--The French bank's fourth-quarter net profit rose sharply from a year earlier
--SocGen's results were hit by one-offs, but still beat analysts' expectations
By Pietro Lombardi
Societe Generale SA's (GLE.FR) cut its 2020 RoTE target as fourth-quarter net profit rose sharply from a year earlier, when results were hit by one-offs, and beat analysts' expectations.
The French bank said Thursday that it now targets a RoTE of between 9% and 10% in 2020, down from a previous estimate of 11.5% in its plan.
SocGen said net profit for the period was 624 million euros ($710.4 million) compared with EUR69 million in the same period last year, when one-offs, including charges related to tax reforms in France and the U.S., weighed on the results.
Net banking income, SocGen's top line, fell 6.3% on year to EUR5.93 billion.
Analysts had expected a net profit of EUR450.3 million on net banking income of EUR5.94 billion, a consensus forecast provided by FactSet showed.
Net profit for the year grew 38% to EUR3.86 billion.
Revenue for the quarter fell 6.9% on year at the bank's global-banking and investor-solutions business, which includes investment banking and asset management. Revenue from the global markets and investors services divisions declined 19%, with fixed-income, currencies and commodities revenue down 29% from the same period last year. Equity revenue fell 16% on year.
The bank warned in January that its results for the final quarter of last year would be affected by disposals and a challenging environment in global capital markets. It had forecast a roughly 20% decline on year in global markets and investor services revenues for the quarter, and announced a dividend of EUR2.20 a share for 2018, stable from the previous year, offering the option of a payment in shares.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
February 07, 2019 01:31 ET (06:31 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
1 Year Societe Generale Chart |
1 Month Societe Generale Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions