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SocGen reports smaller-than-expected loss after sale of Russia business

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The French bank reported a €1.48bn loss, but analysts expected a loss of more than €2bn

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 on May 4 2021. Picture: REUTERS/Stephane Mahe

“These are excellent results, with the good news of the share buyback and ambitious but achievable goals,” Jerome Legras, head of research at Axiom Alternative Investments, said.profitability ratio stood at 10.5%. The group said it is aiming for profitability of 10% and a CET 1 ratio of 12% in 2025.

Revenue rose 23.3% to €1.5bn in the global markets business, where equity trading activity increased by 7.5% to €833m, while fixed income and currency activities increased 50% to €683m.

 

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SocGen reports smaller-than-expected loss after sale of Russia businessThe French bank reported a €1.48bn loss, but analysts expected a loss of more than €2bn
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