SocGen Gets Boost From Higher Rates as Russia Hit Looms

Lender raises guidance for bad loans amid Russia exit
Revenue beats estimates on trading, income from lending

WATCH: Frederic Oudea, chief executive officer at Societe Generale SA, discusses first-quarter earnings, recession in Europe and outlook. Daybreak: Europe.”

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By Alexandre Rajbhandari

May 5, 2022 at 4:33 AM UTC

Updated on

May 5, 2022 at 7:21 AM UTC

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Societe Generale SA benefited from higher interest rates and market volatility in the first quarter, helping offset rising costs as the French lender prepares to exit its Russian business.

Revenue in the first three months rose 17%, beating analysts’ estimates, driven by its international banking operations, gains in French retail banking and across the investment banking units.