Societe Generale SA

GLE: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€21.60	Vktnx	Gdvmd

Societe Generale First-Quarter 2022: Solid Revenue Growth for All Business Units

Niklas Kammer

May 6, 2022

No-moat Societe Generale reported a net profit of EUR 0.84 billion for the first quarter of 2022, an increase of 3% year on year. Higher operating expenses and loan-loss provisions were more than offset by a 17% increase in net banking income. This was reflected in its EUR 1.4 billion operating income, up 14% compared to the first quarter of 2021. We maintain our EUR 25.50 per share fair value estimate.

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