PARIS (Reuters) -French bank Societe Generale's net income fell less than expected in the first quarter, as profits on equity derivative sales offset weaknesses at its retail bank and in fixed-income trading. France's third-biggest listed lender, whose CEO Slawomir Krupa is seeking to end several years of lacklustre performance and trim costs, said on Friday group net income over the first three months of the year was 680 million euros ($729 million). Sales slipped 0.4% to 6.65 billion euros, above analysts' 6.46 billion euro average estimate.
RESULTS AT 31 MARCH 2024 Press release Paris, 3 May 2024 QUARTERLY RESULTS Quarterly revenues of EUR 6.6 billion, stable vs. Q1 23 (-0.4%), driven by very good performances of Global Banking and Investor Solutions, Private Banking and International Retail Banking, an increase in revenues and net interest income in France compared with Q4 23, despite a shift from sight deposits to remunerated savings, and a stabilisation of margins as well as the normalisation of used car sales’ results at Ayvens
(Bloomberg) -- A former Hong Kong-based Societe Generale SA trader claimed he was fired and said the French lender should share the blame for failing to detect his wagers.Most Read from BloombergUS and Saudis Near Defense Pact Meant to Reshape Middle EastSaudi Arabia Steps Up Arrests Of Those Attacking Israel OnlineBiden Calls Ally Japan ‘Xenophobic’ Along With China, RussiaHuawei Secretly Backs US Research, Awarding Millions in PrizesTurkey Halts All Trade With Israel Over War in GazaKavish Kat