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SocGen shares surge on annual profit target boost, retail banking rebound

Reuters

4 hours ago

Business
Reuters

SocGen shares surge on annual profit target boost, retail banking rebound

PARIS, July 31 (Reuters) - Societe Generale's ( opens new tab shares surged on Thursday as the French bank raised its annual profit target after a rebound in its French retail business helped its second-quarter results beat expectations. The retail division's strong performance builds on momentum seen in the first quarter, as CEO Slawomir Krupa, who took the reins in 2023, presses on with turnaround plans. SocGen shares rose as much as 8% in early trading in their biggest single-day gain since February and hitting their highest level since September 2008. The shares were up 6.6% at 0816 GMT. France's third largest listed bank raised its 2025 return on tangible equity target, a key profitability measure, to around 9% from a previous goal of above 8%. It now expects its cost-to-income ratio, a key efficiency indicator, to be below 65% this year versus a previous target of below 66%. "In short: Beat, raise, return," Goldman Sachs wrote in an early note to clients, welcoming an interim dividend of 61 euro cents per share to be paid in October and a 1 billion euro share buyback set for August. "We see confirmed growth in French retail including BoursoBank," Jefferies said, with reference to SocGen's fast-growing online bank. The SocGen division that houses the French retail business doubled net earnings in the second quarter, driven by a 15% increase in net interest income. NII is the difference between what a bank earns on loans and pays on deposits. Group net income jumped 31% to 1.45 billion euros ($1.66 billion) in the second quarter, compared with the same period last year, above a forecast of 1.19 billion euros from 15 analysts compiled by the company. Revenues were up 1.6% to 6.79 billion euros, also beating analysts' average estimate. Krupa, who was brought in to revive SocGen's shares after years of underperformance, said the bank was fully focused on its "2026 roadmap" to continue delivering sustainable and profitable growth. The bank has faced a tough task to recover from a series of mishaps, including missed financial targets, fallout from a rogue trading scandal during the 2008 financial crisis and a costly exit from Russia following the country's invasion of Ukraine. Krupa's plan, centered on reducing expenses, asset disposals, and strengthening the bank's capital, initially underwhelmed the market. But improved cost management has helped SocGen's shares climb around 120% in the past year. SocGen's valuation, however, remains below its book value. At the investment banking division, the bank's largest, revenue rose in line with analysts' expectations. Sales from trading in fixed income and currencies rose 7.3% to 615 million euros, trailing BNP Paribas's 27% jump. Equities trading revenue fell 2.9% to 962 million euros. SocGen's trading business benefited less from increased market volatility sparked by the wave of tariffs rolled out by U.S. President Donald Trump than Wall Street peers and larger French rival BNP Paribas. ($1 = 0.8709 euros)

Dental loans: How to finance dental costs

Yahoo

7 hours ago

Business
Yahoo

Dental loans: How to finance dental costs

Key takeaways A dental loan is a type of unsecured personal loan designed to cover dental expenses. This form of financing often has a more competitive APR than most credit cards. It's possible to secure funding with bad credit, but you'll likely pay more interest and fees. Before taking out a dental loan, compare your options and explore alternatives to find the best fit. Dental work can be expensive, but putting it off can cost you more in the long run. If you're facing a major dental procedure but are strapped for cash, consider taking out a dental loan. This is typically a personal loan used specifically to cover expenses related to dental care. This financing option typically has a lower average interest rate than a credit card — 12.64 percent versus 20.13 percent, respectively. However, it may be worth it to explore alternatives to avoid any damage to your credit. If you end up needing a loan, get quotes from multiple lenders to ensure you get the most cost-effective plan for your dental work. What is a dental loan? A dental loan is a type of installment loan used to pay for dental expenses. Like other personal loans, they have predictable monthly payments and fixed interest rates. They're also usually unsecured, meaning you won't have to pledge any collateral (like a car or home). You can apply for dental loans through a bank, credit union, online lender or marketplace like Bankrate. If you have strong credit and a high income, you may qualify for the lowest rates, which start below 7 percent. However, bad credit personal loan rates may be as high as 35.99 percent. Did you know? If you don't have the cash to pay for your dental work, you're not alone. A recent Gallup poll found that 12 percent of U.S. adults (or about 31 million Americans) had to borrow money to pay for healthcare expenses. To avoid being part of this statistic, consider beefing up your emergency savings account. How much do common dental procedures cost? What you'll pay out of pocket for a dental procedure depends on your insurance coverage — if you have it. Here's what to expect for common dental procedures, according to Care Credit, but remember that your costs may vary. Dental procedure Cost range Basic cleaning, including polish $126 to $968 X-rays $55 to $466 Amalgam filling (per tooth) $139 Composite or ionomer filling (per tooth) $152 to $226 Dental crown (per tooth) $697 to $1,399 Tooth extraction $177 to $3,340 Root canal $984 to $1,337 Dental implants $860 to $29,980 Read more: Average out-of-pocket healthcare costs Compare dental loans To get the best rates on a dental loan, you should get quotes from at least three lenders. Try to choose lenders that allow for prequalification to avoid unnecessary damage to your credit score. You can get prequalified with several lenders at once with Bankrate by entering basic personal and financial information. Here's a look at the rates and terms offered by a few popular lenders: Lender APR range Repayment term Minimum credit score Loan amounts Best Egg 6.99%-35.99% 36–60 months 600 $2,000–$50,000 LightStream 6.49%-25.14% 24–240 months 660 $5,000–$100,000 Upstart 6.60%-35.99% 36 or 60 months 300 $1,000–$50,000 SoFi 8.99%-35.49% 24–84 months 300 $5,000–$100,000 Avant 9.95%-35.99% 24–60 months 550 $2,000–$35,000 How to get a dental loan Applying for a personal loan to cover dental expenses involves comparing your options to get the best deal, gathering the necessary documents and then submitting a formal application once you've found a lender that best matches your borrowing needs. Research lenders and prequalify. Research lenders and compare personal loan rates and terms. Prequalifying will give you an estimate of your loan amount and interest rate. Formally apply with a lender. After you choose a lender, the next step is to fill out a loan application online or in person. You'll need to know the amount you need to borrow and choose your desired loan term. Wait for approval. Once you've applied, the lender will review your application and decide whether to lend you money. Although approval times vary, you can sometimes be approved — and funded — the same business day you apply. Review and sign your loan agreement. If you're approved, a lender will send you a loan agreement. Review the document carefully before you sign it. Afterward, the lender will issue your funds, usually as an ACH transfer directly to your bank account. How to compare dental loans Consider a lender's eligibility requirements, terms and available amounts when comparing dental loans. Eligibility requirements:Minimum credit score and income requirements vary based on the lender. Before you apply, review a lender's eligibility requirements. If the lender doesn't publish its requirements, ask if prequalifying is an option. Loan amounts: Some lenders require that you borrow a certain amount of money. Because minimum loan amounts vary, choose a lender that offers the amount you need to cover your dental expenses. Loan terms: Personal loans typically have repayment terms of one to eight years. Although a long term can result in a low monthly payment, you'll also pay more interest over the life of the loan, increasing your total cost of borrowing. You'll typically get the lowest APR offers for the shortest terms (three years or less). Fees: Some lenders charge origination fees, late fees, returned payment fees and application fees. These fees can significantly increase your borrowing costs or reduce your loan amount, since they are deducted from the amount you receive. Annual percentage rate (APR): A loan's APR tells you how much interest you'll pay over the life of the loan; it's a better measurement than the interest rate because it also accounts for any loan fees. Dental loan alternatives When determining how to pay for dental work, it makes sense to see how you can lower or mitigate the cost before resorting to financing. Get a second (or third) opinion Not all dental offices have the same prices for the same procedures, so shop around and find a reputable dentist you trust who can do the work for a lower price. You can also try to negotiate with your dentist, though there's no guarantee they will do your work for a reduced rate. It never hurts to ask, though. In-house financing Some dental offices offer special rates depending on your circumstances, so inquire with your dental office whether they offer in-house financing for expensive procedures. These installment loans often come with no or low interest rates, which can save you a lot of money. Medical credit cards Another way to save on interest is by applying for a medical credit card — this product is designed to cover medical and dental expenses. In some cases, medical providers may even offer special financing terms, like 0 percent APR. CareCredit is a popular medical credit card that offers short-term financing with no interest charges if the balance is paid within 24 months. Dental schools Many dental schools will offer dental care to the public at a reduced rate, but it can take a while to get in, as most of these schools have high demand for their dental work. Check to see if a dental school near you offers these services. Credit cards If your income is unpredictable, or you can't afford the monthly payments offered by personal loan lenders, using a credit card may be worth considering. You'll have the flexibility to make minimum payments if you have a low earnings month. But remember: Since credit cards are revolving debt, your credit utilization ratio will increase, which can have a negative effect on your credit score. Bankrate's Casey McNulty chose a credit card to pay for nearly $5,000 worth of dental work to earn points on her American Express gold card. 'I didn't consider any other financing options because I knew I could pay the total in full, especially when spread out over three months, and I wanted those credit card points.' She added that although the dentist also offered to spread the charge out over three months, using the credit card was a good way for her to earn points to put toward other goals. Savings It will take longer to get treatment, but if the dental procedure you need is elective or can be put off for a while, it may be wise to save for the treatment instead of financing it. Saving the money to pay upfront will keep you from paying interest on a loan or credit card. Bottom line Dental work can be pricey. A personal loan is one solution to get the funding you need, but before applying, consider alternative financing options, such as in-house financing and a 0 percent APR medical credit card. And don't underestimate the importance of getting quotes from multiple dental providers to confirm that you're getting a fair price. If you decide that a personal loan is your best option for dental costs, compare multiple lenders. Review their interest rates, loan amounts, loan terms and all associated fees before choosing your lender. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

ING Beats Estimates as Fees Offset Falling Lending Income

Bloomberg

7 hours ago

Business
Bloomberg

ING Beats Estimates as Fees Offset Falling Lending Income

ING Groep NV profit topped analysts' estimates in the second quarter as fee growth offset a decline in lending income. The largest bank in the Netherlands reported net income of €1.68 billion ($1.92 billion) in the three months through June, compared with the €1.54 billion estimate by analysts in a Bloomberg survey. Fees rose 12% while net interest income declined 7.7% from a year earlier.

Standard Chartered Quarterly Profit Jumps, Announces $1.3 Billion Buyback

Wall Street Journal

8 hours ago

Business
Wall Street Journal

Standard Chartered Quarterly Profit Jumps, Announces $1.3 Billion Buyback

Standard Chartered STAN 0.33%increase; green up pointing triangle reported sharply higher net profit for the second quarter and announced a $1.3 billion share buyback. The London-based bank said Thursday that net profit rose 81% from a year earlier to $1.71 billion for the three months ended June. That beat the estimate of $1.24 billion in a poll of analysts by data provider Visible Alpha.

BBVA's Q2 net profit falls 2% from same period a year ago