Societe Generale Shares Rise on Profitability Boost Target
The French bank aims to increase profitability through cost-cutting and revenue growth by the end of the decade, including expanded AI use.
Societe Generale's shares climbed nearly 4% on Thursday, extending their year-to-date gain to approximately 10%, after the French bank announced its intention to significantly enhance profitability by the end of the decade. The strategy involves a dual approach of reducing costs and increasing revenue.
A key component of the bank's plan includes a wider adoption of artificial intelligence (AI) technologies to drive these improvements. Societe Generale aims to achieve its profitability targets through disciplined cost management and strategic revenue generation initiatives.
The bank's announcement signals a renewed focus on financial performance and shareholder returns, with the updated targets expected to guide its operations through the next several years.