1141 GMT - A wider-than-expected cut to the interest rate for France's popular regulated savings account Livret A would be a positive surprise for the net interest income of the country's banks, with Societe Generale standing to benefit the most, Jefferies says in a research note. The Banque de France proposed to lower the rate to 2.4% on Feb. 1 against 3% currently and expectations of a cut to 2.5%. "We estimate that a 60 [basis point] cut in the Livret A rate...could lead to a mechanical increase of the French retail unit's profit before tax of 5% at Credit Agricole, 6% at BNP Paribas & 9% at SocGen," analyst Joseph Dickerson and associate Theo Massing write. Shares rise 1.1%, 0.5% and 1.7%, respectively. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
January 15, 2025 06:41 ET (11:41 GMT)
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