0649 GMT - Societe Generale's French retail recovery is key, Jefferies says in a research note. Industry data suggests banks should start their engines of loan production after almost two years of subdued loan issuance and higher liability costs linked with regulated savings accounts, analyst Joseph Dickerson and associate Theo Massing write. SocGen has been aggressive on client acquisition and loan growth. It has hit an inflection point,with sector fourth-quarter mortgage production up 43% on-year, the analysts note. The lender needs to reassure regarding its domestic business and it is encouraging to see it step up in mortgages and seize the opportunity to regain market share. "The new CFO's first earnings call will set the tone for 2025 in our view," they add, pointing to returns and the investment case. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
January 23, 2025 01:49 ET (06:49 GMT)
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