French lender Societe Generale has reported a net income of EUR924m for the first quarter of 2016, up 6.5% compared to EUR868m in the year-ago quarter.
The group’s quarterly gross operating income was EUR1.89bn, a fall of 1% from EUR1.91bn during the same quarter in 2015.
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Operating expenses dipped 3.6% year-on-year to EUR4.28bn from EUR4.44bn. Tier 1 ratio at the end of the period was 13.7%, compared to 12.4% at the end of the first quarter of 2015.
The asset and wealth management arm of the bank registered a net banking income of EUR236m, a fall of 21% from EUR299m in the prior year.
The division’s net income for the period was EUR19m, a fall of 75.6% from EUR78m a year ago.Operating expenses at the unit increased 4.2% year-on-year to EUR221m.
Societe Generale CEO Frederic Oudea said: "In a more challenging environment at the beginning of the year than last year, the Group generated sound results in Q1 2016, illustrating the benefits of its diversified and highly integrated business model, which is reflected in the constantly increasing synergies between the businesses."
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