SocGen CEO expects 2022 profit growth to be more subdued

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Societe Generale Chief Executive Officer Frédéric Oudea attends Euronext’s annual conference in Paris, France, January 14, 2020. REUTERS / Benoit Tessier

PARIS, October 17 (Reuters) – French bank Societe Generale SA (SOGN.PA) is expected to post “more moderate” earnings growth in 2022 than the current year, CEO Frédéric Oudea said on Sunday.

In an interview with the weekly Journal du Dimanche, Oudea called 2021 an atypical year, citing a very low cost of risk, which reflects provisions against bad debts, a strong post-pandemic economic rebound and a flow of savings. towards more dynamic investments.

“Next year will undoubtedly be a year of more moderate growth,” said Oudea.

SocGen, France’s third-largest listed lender, announced this week that it would cut 3,700 jobs between 2023 and 2025 by merging its retail network with that of its Crédit du Nord unit, but added that there was no would not have forced layoffs. Read more

To strengthen its profitability and financial solvency, the bank has restructured its operations in recent years, in particular with the sale of activities in Central and Eastern Europe and by refocusing its corporate and investment bank.

Report by Sybille de La Hamaide and Matthieu Protard; edited by Jonathan Oatis

Our standards: Thomson Reuters Trust Principles.


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