Societe Generale posts sharp profit drop as net banking income slides
Publishing timestamp: 2024-02-08 02:19:53
Summary
Societe Generale reported a decline in fourth-quarter net profit due to weaker net banking income. However, the company exceeded analyst forecasts for net income and launched a share buyback program. The decline in net banking income was largely attributed to a decrease in net interest income in French retail, private banking, and insurance. The company aims for revenue growth in 2024 and highlighted the success of its online and mobile banking subsidiary, BoursoBank.
Sentiment: MIXED
Tickers: GLE-FR,
Keywords: earnings, investment strategy, dividends, business news, banks, france, wall street, breaking news: markets, societe generale sa, breaking news: investing, markets,