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SocGen CEO expects earnings growth in 2022 to be more moderate By Reuters

SocGen CEO expects earnings growth in 2022 to be more moderate © Reuters. FILE PHOTO: Societe Generale’s Chief Executive Officer Frederic Oudea attends the Euronext stock exchange’s annual conference in Paris, France, January 14, 2020. REUTERS/Benoit Tessier

PARIS (Reuters) – French bank Societe Generale (OTC:SCGLY) SA in 2022 should record a “more moderate” growth in its results than in the current year, Chief Executive Frederic Oudea said on Sunday.

In an interview with weekly Journal du Dimanche, Oudea called 2021 an atypical year, citing a very low cost of risk, which reflects provisions against bad loans, a strong post-pandemic economic rebound, and a flow of savings towards more dynamic investments.

“Next year will undoubtedly be a year of more moderate growth,” Oudea said.

SocGen, France’s third-biggest listed lender, said this week it would cut 3,700 jobs between 2023 and 2025 as it merges its retail network with that of its Credit du Nord unit, but added there would be no forced redundancies.

To strengthen its profitability and financial solvency, the bank has restructured its operations in recent years, notably with the sale of businesses in Central and Eastern Europe and by refocusing its corporate and investment banking.