Societe Generale SA
GLE: XPAR (FRA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
€67.30 | Dygt | Lsm |
Societe Generale First-Quarter 2022: Solid Revenue Growth for All Business Units
No-moat Societe Generale reported a net profit of EUR 0.84 billion for the first quarter of 2022, an increase of 3% year on year. Higher operating expenses and loan-loss provisions were more than offset by a 17% increase in net banking income. This was reflected in its EUR 1.4 billion operating income, up 14% compared to the first quarter of 2021. We maintain our EUR 25.50 per share fair value estimate.