The bank’s net income for Q1 came in at €814 million, topping by far the €204 million expected by analysts. At the same time, revenue reached €6.2 billion from €5.2 billion reported during the same time last year. The EPS came in at €0.83, significantly higher than the €0.15 expected. Expenses were close to flat from a year ago, at €4.7 billion.
Its Global Market division revenue reached €1.65 million, with a level of activity unseen since the first quarter of 2017. From CFO William Kadouch-Chassaing point of view, it was an excellent quarter across the board.
For the future, Société Générale expects its commercial cost of risk to increase slightly throughout the year. Kadouch-Chassaing added: “we are back to normal, so I would expect that we continue that path as the economic situation continues to evolve as it is now.”
Société Générale stock price rose 5.9% after the report. Since the beginning of the year, shares went up 46%.
Sources: cnbc.com, globenewswire.com