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FINANCIALS: SocGen Results Mixed, At Least Expectations Were Already Low

FINANCIALS

SocGen (SOCGEN: Baa2 neg/BBB/A- pos) results headlines are very mixed with marginally disappointing loan losses, CET1 in line but a (small) revenue and profit beat. Spreads have done little recently (equity has underperformed) but mgmt must improve on the negative conf call surprise from last time around, we feel.

  • “*SOCGEN 2Q LOAN-LOSS PROVISION EU387M, EST. EU378.9M
  • *SOCGEN 2Q CET1 RATIO FULLY-LOADED 13.1%, EST. 13.1%
  • *SOCGEN 2Q NET BANKING INCOME EU6.69B, EST. EU6.58B
  • *SOCGEN 2Q NET INCOME EU1.11B, EST. EU1.04B”

Conf call is scheduled for 0930 (London time) at: https://edge.media-server.com/mmc/p/noqsn9dr 

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