...Diversified Profile: Societe Generale S.A.'s (SG) ratings reflect a diversified company profile focused mainly on retail and commercial banking, with a significant contribution from corporate and investment banking (CIB). The ratings factor in the bank's resilient earnings generation, adequate capitalisation and sound liquidity profile. The stock of impaired loans remains high compared with peers despite recent improvements and is a rating weakness. International Franchise: SG generates less than half its revenue in France, where it is the fourth-largest retail and commercial bank by market share. The group is third in the Czech Republic and Romania. In capital markets, SG is strong in equity derivatives. The group also has significant franchises in insurance, leasing and private banking. Resilient Earnings, Manageable Volatility: SG's earnings are affected by the low-interest- rate environment but benefit from the group's diversification. Revenue volatility from market activities is manageable...
