Societe Generale 1Q Net Profit Fell 26% but Beat Expectations
03 May 2019 - 3:23PM
Dow Jones News
By Pietro Lombardi
Societe Generale SA's (GLE.FR) first-quarter net profit fell
26%, hurt by lower revenue and growing costs, but still beat
expectations.
Net profit for the period was 631 million euros ($705.0
million), compared with EUR850 million a year earlier, the French
bank said Friday.
Net banking income, its top-line revenue figure, declined 1.6%
to EUR6.19 billion ($6.92 billion), while operating expenses grew
1.3% to EUR4.79 billion.
Analysts had expected net profit of EUR558 million on net
banking income of EUR6.16 billion, according to a consensus
forecast provided by FactSet.
The bank's core Tier 1 ratio, a key measure of capital strength,
rose to 11.7% in March from 11.2% at the end of December.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
May 03, 2019 01:08 ET (05:08 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Societe Generale (EU:GLE)
Historical Stock Chart
From Mar 2024 to Apr 2024
Societe Generale (EU:GLE)
Historical Stock Chart
From Apr 2023 to Apr 2024
