MNI BRIEF: Japan June Services PPI Rises 3.0% Vs. May's 2.7%

BOC SAYS DOESN'T NEED TO ALTER PATH OF QT RIGHT NOW

this is a test, please ignore

MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

MNI: JAPAN JUNE SERVICES PPI +3.0% Y/Y; MAY REV +2.7%

US Treasury Auction Calendar

EZ/UK Bond Supply Calendar: BTP Short Term and BTPeis on Thursday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

SocGen; Uninspiring, Minor Credit Negative

FINANCIALS

SocGen (GLE FP) 4Q23 results which missed consensus marginally but did include a new buyback. Forward return targets are still below cost of capital, we feel, these look a minor credit negative.


  • Revenues were 10% lower y/y but only 1% below consensus, costs were +5% and credit losses fell, meaning net income only missed consensus by around 5%.
  • Key credit metrics: loan losses fell to 24bp (from 21bp in 3Q23) and NPLs rose 10bp (to 2.9%). CET1 was13.1% (down 20bp in the quarter) and total capital is 18.2% (from 18.6% at Sep-23).
  • The EUR0.90 dividend is below expectations of EUR1.09 but there is a new EUR280m buyback here, so a minor credit negative and the 2024 financial targets are indicative of the bank’s key issue; RoTE is targeted to be just 6% (which is, at least, better than the 4.2% reported for FY23).

Conf call is 1000 London time at https://edge.media-server.com/mmc/p/9w3tx6ko

Credit BulletsBulletHomepagemarkets-real-timeCredit
Credit BulletsBulletHomepagemarkets-real-timeCredit

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.