Société Générale raised its profit target for this year and announced the implementation of a 1.5 billion euro share repurchase plan. Previously, the bank's second-quarter profit was higher than analysts' expectations. The French bank said it aims to increase the return on tangible equity to about 11% this year, which is higher than the previously set target of 10% or more, while at the same time increasing cost pressure reduction efforts. The bank's net profit increased 23% year over year to 1.79 billion euros; market analysts expected 1.59 billion euros. CEO Slavomir Krupa said in an announcement on Thursday: “Revenue growth combined with a sharp decline in costs has driven our operating efficiency improvements. A good business situation has significantly enhanced the Group's profitability.” Krupa plans to announce the latest strategic plan in September. At the beginning of his tenure, he completed capital consolidation and divestment of some business segments. Since then, he has continued to focus on increasing revenue and shareholder returns. The reduction in interest rates on controlled savings accounts and the effectiveness of cost control have boosted the recovery of retail banking business in France, yet trading business performance has fluctuated unevenly.

Société Générale raised its profit target for this year and announced the implementation of a 1.5 billion euro share repurchase plan. Previously, the bank's second-quarter profit was higher than analysts' expectations. The French bank said it aims to increase the return on tangible equity to about 11% this year, which is higher than the previously set target of 10% or more, while at the same time increasing cost pressure reduction efforts. The bank's net profit increased 23% year over year to 1.79 billion euros; market analysts expected 1.59 billion euros. CEO Slavomir Krupa said in an announcement on Thursday: “Revenue growth combined with a sharp decline in costs has driven our operating efficiency improvements. A good business situation has significantly enhanced the Group's profitability.” Krupa plans to announce the latest strategic plan in September. At the beginning of his tenure, he completed capital consolidation and divestment of some business segments. Since then, he has continued to focus on increasing revenue and shareholder returns. The reduction in interest rates on controlled savings accounts and the effectiveness of cost control have boosted the recovery of retail banking business in France, yet trading business performance has fluctuated unevenly.