French banking giant Societe Generale posted a record profit in the second quarter. Group net profit rose 23 percent year-on-year to 1.79 billion euros, beating the average analyst forecast of 1.57 billion euros. Revenue also increased 4.5 percent to 7.1 billion euros, while costs came in below expectations, helped by a recovery in the retail division and rigorous cost management. The bank raised its full-year return on tangible equity target to around 11 percent from the previous above 10 percent, and also lifted its cost reduction goal. Meanwhile, fixed income and currency trading revenue fell 11.3 percent, marking a third consecutive quarter of year-on-year decline. The bank announced a 1.5 billion euro exceptional share buyback and an interim dividend of 0.75 euros per share.
Societe Generale S.A.Record profit, raised targets, and announced buyback/dividend.