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    GLE   FR0000130809

SOCIÉTÉ GÉNÉRALE

(GLE)
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Real-time Quote. Real-time Euronext Paris - 10/21 11:38:06 am
28.345 EUR   -0.94%
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France's SocGen to provision between 3.5 and 5 billion euros this year: CEO

05/02/2020 | 07:20am EDT
FILE PHOTO: The logo of Societe Generale is seen on the headquarters at the financial and business district of La Defense near Paris

French bank Societe Generale expects to have to provision 3.5 billion euros to 5 billion euros ($3.84 bln-5.49 bln) this year because of losses due to the coronavirus crisis, its chief executive said in an interview on Saturday.

Frederic Oudea also said he expected the bank's equity ratio to drop to between 11% and 11.5% percent, which would remain 200 to 250 basis points above minimum legal requirements, he said.

Shares in France's third biggest listed bank fell sharply on Thursday after it surprised investors with a quarterly loss, hiking provisions for bad loans and suffering a revenue wipeout at its equity trading division.

"It is by far the most serious crisis we have had to face," Oudea told Les Echos. But Oudea added that, unlike during the 2008-2009 financial crisis, banks had enough provisions to cope.

"During the previous crisis, banks were the problem. Today, they have a driving role to play and are taking part in the solution," he said.

($1 = 0.9105 euros)

(Reporting by Michel Rose; Editing by Andrew Cawthorne)


© Reuters 2020
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Analyst Recommendations on SOCIÉTÉ GÉNÉRALE
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Financials
Sales 2021 24 263 M 28 209 M 28 209 M
Net income 2021 3 313 M 3 852 M 3 852 M
Net Debt 2021 - - -
P/E ratio 2021 7,23x
Yield 2021 6,36%
Capitalization 24 099 M 28 061 M 28 019 M
Capi. / Sales 2021 0,99x
Capi. / Sales 2022 1,01x
Nbr of Employees 126 391
Free-Float 93,6%
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Technical analysis trends SOCIÉTÉ GÉNÉRALE
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 23
Last Close Price 28,35 €
Average target price 31,56 €
Spread / Average Target 11,3%
EPS Revisions
Managers and Directors
Frédéric Oudéa Chief Executive Officer & Director
William Kadouch-Chassaing Group CFO, Deputy General Manager & Finance Head
Lorenzo Bini Smaghi Chairman
Carlos Goncalves Head-Global Technology Services
Hervé Audren de Kerdrel Group Deputy Head-Compliance
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