<\/p>\n
Group net income rises 23% to a record 1.79 billion euros that reaches forecasts.<\/p>\n
French bank Societe Generale (SocGen) posted record quarterly profit and upped its 2026 profitability target, as a recovery in retail banking and tight cost controls offset a third consecutive quarter of shrinking revenue at its trading arm.<\/p>\n
Group net income rose to a forecast-beating 1.79 billion euros in the second quarter, up 23 per cent from a year earlier and reaching a record, ahead of the 1.57 billion euro average of 13 analyst estimates compiled by SocGen.<\/p>\n
Revenues also came in ahead of expectations, up 4.5 per cent to 7.1 billion euros, with lower-than-anticipated costs.<\/p>\n
France\u2019s second-biggest listed lender by market valuation now expects a full-year return on tangible equity \u2013 a key measure of profitability \u2013 of around 11 per cent, up from a previous target of above 10 per cent.<\/p>\n
SocGen, which delivers its next strategy update in September, also lifted its cost-cutting goal after the bank\u2019s cost-to-income ratio came in below a full-year target of 60 per cent.<\/p>\n
Chief executive officer Slawomir Krupa has embarked on one of Europe\u2019s most closely watched banking turnarounds since he took the helm in May 2023.<\/p>\n
After a rocky start, the efforts are paying off: SocGen\u2019s share price more than tripled since he took over, outperforming the Euro Stoxx Banks Index, as investors cheer his focus on capital, costs and execution.<\/p>\n
SocGen also announced a 1.5 billion euros extraordinary share buyback starting Aug 3, alongside an interim cash dividend of 0.75 euros per share, up 23 per cent from a year earlier.<\/p>\n
The move follows analyst expectations that the bank would return part of its excess capital to shareholders after building a core capital ratio well above regulatory requirements, notably through asset sales.<\/p>\n
After the buyback, SocGen\u2019s core Common Equity Tier 1 capital ratio will stand at 13.2 per cent.<\/p>\n
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