SG’s Q2 16 earnings release: Total adjusted revenues (for the higher sales price of VISA Europe) are above expectations, driven by all operating divisions. Total expenses are in line with consensus with quite a good cost discipline as these are flat versus Q2 15. Adjusted (for higher litigation costs) loan losses were better than expected. All in all, operating income is 25% above expectations. Disappointing, however, on the solvency side as the CET1 ratio remained at 11.1% (same as in
04 Aug 2016
Good set of P&L-linked results...Capital is the key
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Good set of P&L-linked results...Capital is the key
Societe Generale S.A. Class A (GLE:WBO) | 0 0 0.9% | Mkt Cap: 37,685m
- Published:
04 Aug 2016 -
Author:
Farhad Moshiri -
Pages:
3
SG’s Q2 16 earnings release: Total adjusted revenues (for the higher sales price of VISA Europe) are above expectations, driven by all operating divisions. Total expenses are in line with consensus with quite a good cost discipline as these are flat versus Q2 15. Adjusted (for higher litigation costs) loan losses were better than expected. All in all, operating income is 25% above expectations. Disappointing, however, on the solvency side as the CET1 ratio remained at 11.1% (same as in