Société Générale and Credit Agricole regain momentum at Paris Stock Exchange after the publication of the half-yearly accounts. The securities of the two French institutions rose respectively by 4,31% and 2,37%, in contrast with the Cac40 index (-0,5%).
The shares of the two banks had suffered a sharp drop yesterday, in line with the entire European sector, in the wake of the results of the EBA stress tests and the revision of the year-end estimates announced yesterday by Commerzbank, the second largest German bank.
As for the budget numbers, Société Générale closed the second quarter of 2016 with a net profit of 1,5 billion euros, up 8,1% on an annual basis, beating expectations above all thanks to the capital gain realized on the sale of the investment in Visa Europe (662 million ).
Revenues reached 6,98 billion. Excluding the Visa deal, revenue was flat in the second quarter on stronger results from the international retail business and the financial services division, despite weakness in investment banking and retail in France.
Credit Agricole, on the other hand, recorded a net profit growth of 25,8%, to 1,15 billion euros, thanks in particular to non-recurring items. Also in this case the capital gain resulting from the sale of the stake in Visa Europe (328 million) is decisive.
The operating result rose to 818 million, up 13% on the year even if the comparison with 2015 is conditioned by the downward adjustment of the data due to the loss of profit deriving from the reorganisation.
