Societe Generale Reports Higher-Than-Expected Earnings for Q2
Societe Generale SA, a French financial institution, has released its second-quarter earnings report, which shows an increase in net income and net banking income compared to the same period last year.
Key Highlights
- Net income increased
- Net banking income increased
- The company’s shares have risen significantly
Equities Trading Performance
The bank’s equities trading performance was respectable, despite a dip from last year’s record haul. Analysts have praised the bank’s equities trading performance, citing a wide dispersion in equities trading revenue across banks.
CEO’s Comments
Societe Generale’s CEO, Slawomir Krupa, attributed the performance to the dispersion in equities trading revenue across banks.
Share Buy-Back Program
In response to the positive earnings, Societe Generale has announced an additional 1 billion euros share buy-back program, which will be launched in August.
Market Reaction
The bank’s shares have continued to rise, with the sector as a whole performing well, driven by the positive earnings of several banks.
Timeline
- August: Launch of 1 billion euros share buy-back program