SocGen Q1 profit slumps less than expected as investment bank surprises
)'s net income fell less than expected in the first quarter, as profits on equity derivative sales offset weaknesses at its retail bank and in fixed-income trading.
SocGen's shares jumped more than 5% in early Paris trade to their highest since March 2023, in their biggest one-day increase since March 2022.), which also reported earnings on Friday, posted a forecast-beating 55% jump in first-quarter net profit, driven by corporate and investment banking sales. SocGen's investment banking division saw its earnings jump 26.4% to 690 million euros, beating forecasts, while revenues weakened 5.1% to 2.62 billion euros for the quarter.
SocGen said the transfer from sight deposits to regulated savings account with a fixed interest rate weighed on its results. Krupa, who took over just a year ago, disappointed investors last September by putting off a key profitability target by a year, amid stagnating sales, until 2026.
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