Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guides
Guidance and tools
Shares
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks Stock plan guidance
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
SocGen cuts outlook for French retail bank, shares tumble
(Sharecast News) - Societe Generale tumbled on Thursday after cutting the outlook for its French retail bank. In its results for the second quarter, the bank said it now expects net interest income for the French retail, private banking and insurance business to be around €3.8bn for 2024, down from previous expectations of €4.1bn.
For the second quarter, SocGen reported a 24% jump in net income to €1.1bn, coming in ahead of forecasts for €973m.
Meanwhile, quarterly revenues were €6.7bn, up 6.3% on the second quarter of 2023. SocGen said this was driven by an "excellent" quarter for global markets and transaction banking, increased margins at Ayvens and net interest income recovery underway in France.
Chief executive Slawomir Krupa said: "Growth in revenues, combined with our disciplined costs and risks management, allows us to significantly improve our cost-to-income ratio and profitability. Our capital and liquidity ratios remain very strong. We continue to move forward in an orderly and efficient manner with the implementation of our strategic roadmap, as demonstrated in the sustained development of BoursoBank which is exceeding the 6.5 million clients threshold, and as shown by the launch of the first phase of our 1 billion euros investment dedicated to the energy transition.
"We also continue to simplify our business portfolio and are determined to capitalise on those positive dynamics to pursue the successful execution of our strategic plan in order to build a more profitable bank and create more value over the long term for all our stakeholders."
At 1255 BST, the shares were down 8% at €22.05.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Diversity, Equity & Inclusion Reports | Doing Business with Fidelity | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Staying secure | Statutory and Regulatory disclosures | Whistleblowing programme
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.
