net_left adver left
Detail

Buoyant Q2 and new targets help SocGen weather Russia blow

By Julien Ponthus PARIS (Reuters) -A buoyant second quarter and new three-year targets helped to boost Societe Generale (OTC:SCGLY)'s shares on Wednesday, as the French bank...
Buoyant Q2 and new targets help SocGen weather Russia blow © Reuters. FILE PHOTO: A person holds an umbrella as the logo of French Bank Societe Generale is seen outside a bank building in Saint-Sebastien-sur-Loire near Nantes, France, May 4, 2021. REUTERS/Stephane Mahe/File Photo

By Julien Ponthus

PARIS (Reuters) -A buoyant second quarter and new three-year targets helped to boost Societe Generale (OTC:SCGLY)'s shares on Wednesday, as the French bank weathered a 3.3-billion-euro ($3.4 billion) hit from the sale of its Russia business.

France's third-biggest listed bank, which is seeking a new chief executive, reported a 1.48-billion-euro loss, while analysts on average had expected a loss of more than 2 billion.

The better-than-expected result, helped by robust retail and investment banking activity, lifted SocGen's shares 4.2% in early trading, the strongest performance in the pan-European banking index.

Net banking income rose just over 7 billion euros, about 600 million euros higher than expected, while operating expenses came in lower at 4.46 billion euros, the bank said, as it confirmed the launch of a 915 million euros share buyback plan.

"These are excellent results, with the good news of the share buyback and ambitious but achievable goals," said Jerome Legras, head of research at Axiom Alternative Investments.

The group's ROTE (Return On Tangible Equity) profitability ratio stood at 10.5% on an underlying basis. It said it was aiming for ROTE of 10% and a CET 1 capital ratio of 12% in 2025.

Among other goals set for the next three years, the bank seeks to deliver a cost-to-income ratio of 62 or below and maintain a pay-out ratio of 50% of its profits. It is aiming for average annual revenue growth of at least 3% for 2021-2025.

LOOKING FOR A NEW CEO

Quarterly revenue rose 23.3% to 1.5 billion euros in the global markets business, where equity trading activity increased by 7.5% to 833 million euros, while fixed income and currency activities increased 50% to 683 million euros.

French and international retail reported a rise in net banking income of 8.5% to 2.26 billion euros and 12.7% to 1.27 billion respectively.

In May, SocGen closed the sale of its Russian business Rosbank to the Interros group.

The same month, CEO Frederic Oudea took investors by surprise by saying he would step down next year after running the lender for 15 years.

"There is nothing new on that front," Oudea told journalists on a conference call, saying the decision on a new CEO was still expected for the autumn.

Speculation has so far centred around Sebastien Proto, currently merging SocGen's retail networks in France, as well as Slawomir Krupa, head of global banking and investor solutions activities.

Jacques Ripoll, who just left Credit Agricole (OTC:CRARY) SA, Philippe Heim, the head of France's postal bank, and Jean Pierre Mustier, former CEO of Italy's UniCredit, are among former SocGen executives mentioned as potential options.

Rival BNP Paribas (OTC:BNPQY) reported better-than-expected profits on Friday.

($1 = 0.9819 euros)

HOT AUTO TRADE BOT SOFTWARE adver right
APPROVED BROKERS
net_home_top HOT AUTO TRADE BOT SOFTWARE
19-08-2022 15:22:00 (UTC+7)

EUR/USD

1.0078

-0.0010 (-0.10%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (8)

EUR/USD

1.0078

-0.0010 (-0.10%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (8)

GBP/USD

1.1883

-0.0046 (-0.39%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

USD/JPY

136.68

+0.80 (+0.59%)

Summary

Neutral

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (1)

Sell (9)

AUD/USD

0.6897

-0.0022 (-0.31%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (8)

USD/CAD

1.2980

+0.0033 (+0.25%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (10)

Sell (0)

EUR/JPY

137.77

+0.69 (+0.50%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (7)

EUR/CHF

0.9657

+0.0005 (+0.05%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

Gold Futures

1,765.50

-5.70 (-0.32%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (8)

Silver Futures

19.133

-0.331 (-1.70%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Copper Futures

3.6205

-0.0110 (-0.30%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (5)

Sell (2)

Crude Oil WTI Futures

89.41

-1.09 (-1.20%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (8)

Brent Oil Futures

95.48

-1.11 (-1.15%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (9)

Natural Gas Futures

9.093

-0.095 (-1.03%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (8)

US Coffee C Futures

214.73

-0.07 (-0.03%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (8)

Euro Stoxx 50

3,754.85

-22.53 (-0.60%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

S&P 500

4,283.74

+9.70 (+0.23%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (0)

Sell (8)

DAX

13,600.09

-97.32 (-0.71%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

FTSE 100

7,531.74

-10.11 (-0.13%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (1)

Sell (10)

Hang Seng

19,772.50

+8.59 (+0.04%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (3)

US Small Cap 2000

2,000.73

+13.41 (+0.68%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (4)

Sell (2)

IBEX 35

8,361.75

-68.55 (-0.81%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

BASF SE NA O.N.

43.172

-0.268 (-0.62%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Bayer AG NA

53.29

-0.77 (-1.42%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (6)

Allianz SE VNA O.N.

176.37

-2.15 (-1.20%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Adidas AG

165.84

-1.68 (-1.00%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (11)

Deutsche Lufthansa AG

6.352

-0.214 (-3.26%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (7)

Siemens AG Class N

109.55

-0.71 (-0.64%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Deutsche Bank AG

8.668

-0.200 (-2.26%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (11)

 EUR/USD1.0078↑ Sell
 GBP/USD1.1883↑ Sell
 USD/JPY136.68Neutral
 AUD/USD0.6897↑ Sell
 USD/CAD1.2980↑ Buy
 EUR/JPY137.77↑ Sell
 EUR/CHF0.9657↑ Sell
 Gold1,765.50↑ Sell
 Silver19.133↑ Sell
 Copper3.6205Neutral
 Crude Oil WTI89.41↑ Sell
 Brent Oil95.48↑ Sell
 Natural Gas9.093↑ Sell
 US Coffee C214.73↑ Sell
 Euro Stoxx 503,754.85↑ Sell
 S&P 5004,283.74Sell
 DAX13,600.09↑ Sell
 FTSE 1007,531.74↑ Sell
 Hang Seng19,772.50Neutral
 Small Cap 20002,000.73↑ Buy
 IBEX 358,361.75↑ Sell
 BASF43.172↑ Sell
 Bayer53.29↑ Sell
 Allianz176.37↑ Sell
 Adidas165.84↑ Sell
 Lufthansa6.352↑ Sell
 Siemens AG109.55↑ Sell
 Deutsche Bank AG8.668↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,600/ 6,700
(0/ 0) # 1,730
SJC HCM6,620/ 6,720
(0/ 0) # 1,749
SJC Hanoi6,620/ 6,722
(0/ 0) # 1,751
SJC Danang6,620/ 6,722
(0/ 0) # 1,751
SJC Nhatrang6,620/ 6,722
(0/ 0) # 1,751
SJC Cantho6,620/ 6,722
(0/ 0) # 1,751
Cập nhật 19-08-2022 15:22:02
Xem lịch sử giá vàng SJC: nhấn đây!
ↀ Giá vàng thế giới
$1,752.17-6.4-0.36%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V25.34025.840
RON 95-III24.66025.150
E5 RON 92-II23.72024.190
DO 0.05S22.90023.350
DO 0,001S-V24.88025.370
Dầu hỏa 2-K23.32023.780
ↂ Giá dầu thô thế giới
WTI$88.99+1.261.40%
Brent$94.90+0.961.00%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.235,0023.545,00
EUR22.981,7524.268,73
GBP27.175,3928.334,31
JPY167,13176,93
KRW15,2618,59
Cập nhật lúc 15:19:04 19/08/2022
Xem bảng tỷ giá hối đoái
adver main right