Societe Generale SA mentioned Friday that its third-quarter revenue beat expectations on robust income after resilient performances in each its retail and investment-banking operations, and raised its operating-margin forecast for the 12 months.
The French lender
GLE,
reported quarterly web revenue of 1.50 billion euros ($1.46 billion), down from EUR1.60 billion a 12 months earlier.
Web banking earnings, its top-line determine, rose 2.3% to EUR6.83 billion.
That in contrast with expectations of web revenue of EUR1.05 billion and income of EUR6.29 billion, based on consensus estimates supplied by FactSet.
The Paris-based firm mentioned the outcome was pushed by the resilience of its French retail financial institution, robust progress in its worldwide retail operations and strong efficiency at its funding financial institution.
Its frequent fairness Tier 1 ratio, a gauge of monetary energy, was 13.1% on the finish of September, up 13 foundation factors from the top of June, whereas value of threat was secure at 31 foundation factors, or EUR456 million.
The financial institution raised its working margin for the 12 months, saying that its 2022 underlying cost-to-income ratio could be 64%, in contrast with a earlier goal of between 64% and 66%. On the finish of September, it was 59.6%.
Write to Ed Frankl at edward.frankl@dowjones.com
