BBVA 
France's third-largest listed bank by market value said the group's second-quarter net profit rose 24% from a year earlier to 1.11 billion euros ($1.2 billion), beating the 973 million euro average of 16 analysts' estimates compiled by the company.
However, SocGen cut its full-year forecast for the French retail division's net interest income--the difference between what banks earn on loans and what they pay on deposits--expecting it to be around €3.8 billion in 2024, versus a previous target of at least about €4.1 billion.
The bank's shares were down 6.5% at 0709 GMT.
Its net interest income grew by 10.6% in the second quarter.
"The results and another downward revision to French retail net interest income are disappointing, though not entirely unexpected," Royal Bank of Canada said in a note to clients.
Group revenue for the period grew 6.3% to €6.69 billion, above the average of €6.59 billion expected. A 24% increase in sales from equity brokerage helped boost SocGen's results, with the French bank outperforming its Wall Street competitors in this field.
However, SocGen's results were below those of its biggest French competitor, BNP Paribas , which posted a 57% growth in sales from its equities business.
SocGen's CEO, Slawomir Krupa, has struggled to shore up the bank's underperforming share price by meeting a series of conservative growth and profitability targets that spooked investors last year.
According to SocGen, an increase in the proportion of deposits in regulated savings accounts, whose rate of remuneration is set by the state, and a competitive environment, as well as moderate loan growth, weighed on the indicator and explain the €300 million loss in net interest income.
The failure to meet the target is due to a costly and miscalculated hedging policy aimed at protecting the bank from low interest rates, which fell in the second quarter.
(1 dollar = 0.9240 euros)
(Reporting by Mathieu Rosemain; editing by Anousha Sakoui and Tomasz Janowski; edited in Spanish by Benjamín Mejías Valencia)
