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.
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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.
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By GlobalData“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.”
