French bank Societe Generale has reported a net income of €1.09bn for the third quarter of 2016, down 2.4% compared to €1.12bn in the corresponding quarter of 2015.

The group's quarterly gross operating income was €1.99bn, a 16.4% slump from €2.38bn a year ago. Operating expenses increased 1% to €4.01bn from €3.98bn a year ago.

The group’s Tier 1 ratio at the end of quarter stood at 14.3%, compared to 13.2% a year earlier.

The asset and wealth management arm of the bank posted net banking income of €256m for the third quarter of 2016, stable compared to the third quarter of 2015.

Private banking’s assets under management stood at €118.9bn at the end of September 2016, the highest level recorded by the business.

Societe Generale CEO Frederic Oudea said: Quarter after quarter, the Group has demonstrated the pertinence of its well-balanced and diversified banking model, its ability to develop its businesses and adapt to a challenging and uncertain environment.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“The Group is pursuing its trajectory in a disciplined manner, with a view to winning new customers and enhancing its added value offering, notably by integrating digital technologies, while at the same time rigorously managing its costs and risks and strengthening its balance sheet. Benefiting from the constant commitment of its teams, sharing a common ambition and culture, the Group is confident about its outlook and determined to pursue the challenge of its transformation process.”