SocGen reports 64% slide in annual profits but beats market expectations
Publishing timestamp: 2023-02-08 07:42:11
Summary
Societe Generale reported a 64% drop in annual net profits for 2022, with net income coming in at 1.16 billion euros. Analysts had estimated net income of 905 million euros for quarter and 1.5 billion euros for full year. Revenues rose 8% over year to 28.1 billion euros, and operating expenses increased by 5.9% over last 12 months to 18.6 billion euros. The bank said it would pay out 1.70 euros per share to shareholders and conduct share buyback program of around 440 million euros this year. However, the outlook for 2023 is challenging, with the bank expecting lower revenues due to changes to monetary policy in the region.
Sentiment: NEUTRAL
Keywords: breaking news: europe, european central bank, politics, europe news, banks, business news, stoxx 600, societe generale sa, france, earnings,
Source: https://www.cnbc.com/2023/02/08/socgen-earnings-q4-2022-.html