Societe Generale has beaten analysts expectations in the second quarter of this year, helped by a bounce back in retail banking in France and fewer loan defaults.
The second quarter "was marked by the strong revenue momentum, continued cost discipline and a very low cost of risk resulting from very few loan defaults," Frederic Oudea, the group's CEO, said. He said the results for the first half of 2021 are the best in five years.The latest results were supported by the French bank's retail unit, which reported net income of 438 million euros — a significant growth from the 60 million euros reported a year ago.
However other divisions struggled in the face of a different market environment. Performance in the bank's fixed income and currency business fell 33%, for example.Revenue reached 6.3 billion euros, a 18.2% increase from a year ago.The CET 1 ratio, a measure of bank solvency, stood at 13.4% versus 13.5% at the end of the previous quarter.
Societe Generale also confirmed it will start a share buyback program in the fourth quarter, of around 470 million euros, and proposed a dividend of 1.2 euros per share in relation to the first half of the year.
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