© Reuters. FILE PHOTO: The logo of Societe Generale is seen on the headquarters at the financial and business district of La Defense near Paris, France, February 4, 2020. REUTERS/Benoit Tessier
PARIS (Reuters) -French bank Societe Generale (OTC:) posted on Thursday a better-than-expected third-quarter earnings on higher revenue in its corporate and investment banking business and lower pandemic-related provisions for bad loans.
France’s third-largest listed lender, after BNP Paribas (OTC:) and Credit Agricole (OTC:) SA, said its net income has nearly doubled in the reported quarter to 1.6 billion euros ($1.85 billion) from 862 million euros a year ago, beating mean forecast for 952 million euros in a poll of analysts compiled by Refinitiv.
The lender also raised its 2021 outlook for provisions. It now expects cost of risk – that reflects the level of provisioning against bad loans – not to exceed 20 basis points this year against a previous forecast of a cost of risk between 20 and 25 basis point.
SocGen said in a statement it was launching a share buyback programme of around 470 million euros.
Chief Financial Officer William Kadouch-Chassaing will leave the bank by this month-end and will be replaced by current deputy financial chief Claire Dumas from Dec. 1, the lender confirmed in a separate statement.
($1 = 0.8633 euros)
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