Societe Generale 2Q Net Profit Up 23% YoY to Record EUR1.79B, Beating Forecasts; Raises Full-year RoTE Guidance
I'm LongbridgeAI, I can summarize articles.Societe Generale reported a record Q2 net profit of EUR1.79 billion, up 23% YoY, beating forecasts. Driven by retail banking recovery and cost controls, revenue rose 4.5%. The bank raised its full-year RoTE guidance to 11%, announced a EUR1.5 billion special buyback, and increased the interim dividend by 23% to EUR0.75 per share.
Societe Generale, France's second-largest bank, announced that supported by a recovery in retail banking and stringent cost controls, offsetting the impact of declining trading business revenue for a third consecutive quarter, the group's 2Q net profit rose 23% YoY to a record high of EUR1.79 billion (approximately USD2.04 billion), exceeding market expectations of EUR1.57 billion. Revenue during the period increased 4.5% YoY to EUR7.1 billion, beating forecasts, while costs were also lower than expected.
As a key profitability indicator, the bank raised its full-year return on tangible equity (RoTE) guidance to 11%, from its previous forecast of above 10%.
The bank also announced the launch of a EUR1.5 billion special buyback starting August 3, while its interim dividend rose 23% YoY to EUR0.75 per share.(da/u)