Oddo maintains its position “neutral” and its price target to 44.8 euros on Société Générale, following the presentation by the banking group than expected earnings under its second quarter.
Societe Generale in Indeed announced a net profit of € 1.351 billion over the period, against 947 million expected, and operating income of the operating units 22% higher than the consensus.
The research sets before accelerating credit growth in retail banking in France (+ 1.3% against -0.2% in the first quarter), good performance in the fixed income and financing activities of CIB (corporate banking and investment) and a reduction in losses in Russia.
‘We expect an upward revision of the forecasts of consensus rather than any decline in risk premium to the sector because of allocation of capital ‘, predict analysts at Oddo.
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