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Societe Generale: Further Upside But Pace Of Gains Should Moderate

Societe Generale: Further Upside But Pace Of Gains Should Moderate

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Q3 Group Net Income at 1.6B EUR driven by all businesses, as well as a 185M EUR gain on real estate disposal. Q3 Underlying RoTE at 10.9%. Capital position (CET1 at 13.4%) remains superior to BNP Paribas (CET1 at 13%). MDA (maximum distributable amount) buffer also shines, at 440 bps vs 375 bps at BNP.

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