May 4, 2018 / 4:35 AM / 7 months ago

SocGen posts Q1 profit rise, as it goes ahead with management reshuffle

PARIS, May 4 (Reuters) - SocGen reported a higher-than-expected quarterly net income, amid a top management reshuffle happening in the middle of “active discussions” with the U.S. authorities over litigation issues.

On Friday, SocGen reported a 13.8 percent rise in first-quarter net income to 850 million euros ($1 billion), that came above analysts’ estimates of 821 million euros, according to a Reuters poll of 5 analysts.

However, revenues fell 2.8 percent to 6.29 billion euros, compared to 6.48 billion expected by analysts. Its corporate and investment bank was a weak spot with revenue down 13.4 percent and net income falling 56.9 percent, impacted by a “strong negative forex effect”.

The euro rose 2.5 percent in the first quarter this year, with the level of the euro/dollar at the end of the first quarter 16 percent higher than the end of Q1 2017.

SocGen’s French retail banking revenues were on path to stabilisation, dipping 0.7 percent over the period.

$1 = 0.8340 euros Reporting by Maya Nikolaeva and Matthieu Protard; Editing by Sudip Kar-Gupta

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