People walk past a logo of French bank Societe Generale in front of the company's skyscraper at the financial and business district of La Defense near Paris, France September 14, 2023. REUTERS/Gonzalo Fuentes/File Photo, France's third-biggest listed bank, posted better-than-expected quarterly earnings on Friday, as a resilient performance from its investment bank offset the steep downturn seen at its French retail division.
Both hits to SocGen's bottom line had been flagged at the bank's investor day in September. Group revenues dropped by 6.2% from a year earlier to about 6.2 billion euros, below the average of 6.3 billion expected by analysts. The current year, dubbed a year of "transition" by SocGen, is marked by the integration of car-leasing company LeasePlan by the bank's listed rival ALDThe two transactions have weighed on costs, at a time when the French retail market, in stark contrast with other European countries, yields lower margins even as interest rates have risen at the fastest pace in recent history.
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