Societe Generale lifts 2029 profitability target, shares jump
French bank Societe Generale's shares rose 3.7% after it set a 13%-14% Return on Tangible Equity (ROTE) target for 2029, surpassing the consensus of 12.6%. The bank also aims for 3% revenue growth, with analysts noting significant cost reduction efforts including €1.9 billion in structural savings. Jefferies viewed the revenue growth target as conservatively low.
6% consensus. 18 billion) of structural cost reductions, including 900 million euros in procurement savings. 6% year to date. 8715 euros) Reporting by Nathan Vifflin in Gdansk.
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