Societe Generale sets ambitious targets for 2025

by time news

Thanks to the rise in interest rates and an industrial reorganization, the bank expects to grow its income by 3% per year.

The retreat from Russia is expensive for Societe Generale. The sale in the spring of its subsidiary Rosbank to the Russian investment fund Interros plunged its accounts into the red in the second quarter: the third listed French bank suffered a heavy loss of 1.5 billion euros. But, excluding this exceptional item, Societe Generale generated a result of 1.5 billion euros, higher than that of the second quarter of 2021.

Like its European competitors, including BNP Paribas, it experienced record levels of activity in all of its businesses. “The second quarter concludes two years of intense and disciplined execution of our various strategic projects», welcomed Wednesday Frédéric Oudéa, the general manager of Societe Generale.

Thus reinvigorated, Societe Generale wants to go further. “We approach the next few months with confidence, while being lucid about a more uncertain economic and financial environment”, continues the leader. The…

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