Société Générale released this morning its numbers for Q2 21. These were above expectations across-the-board with revenues 7% higher. Management is therefore more optimistic than previously for FY2021 with revenues expected to grow in all business divisions (unchanged on the expenses side) and a cost of risk at 20–25bp, below the normal level. The CET1 ratio and the expected capital distribution are in line with expectations. We will revise upwards our EPS for FY2021 (and 2022 to a lesser extent ....
03 Aug 2021
(Much) better than expected
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(Much) better than expected
- Published:
03 Aug 2021 -
Author:
Farhad Moshiri -
Pages:
3
Société Générale released this morning its numbers for Q2 21. These were above expectations across-the-board with revenues 7% higher. Management is therefore more optimistic than previously for FY2021 with revenues expected to grow in all business divisions (unchanged on the expenses side) and a cost of risk at 20–25bp, below the normal level. The CET1 ratio and the expected capital distribution are in line with expectations. We will revise upwards our EPS for FY2021 (and 2022 to a lesser extent ....