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August 2, 2017

Societe Generale net income slides 27% in Q2; private banking income rises

French lender Societe Generale has reported a net income of €1.06bn for the second quarter of 2017, a 27% decrease compared to €1.46bn in the year ago quarter.

Gross operating income for the period ended 30 June 2017 was €1.03bn, a decrease of 64% from €2.86bn in the corresponding quarter of 2016. Operating expenses rose 1% year-on-year to €4.17bn.

The group’s common equity tier 1 ratio at the end of 30 June 2017 was 11.7%.

The asset and wealth management arm of the bank posted net banking income of €268m for the second quarter of 2017, up 5.5% compared to the previous year.

Net banking income at the group’s private banking unit stood at €214m, a 5% rise compared to the last year. The unit’s assets under management totalled €118.7bn at the end of June 2017.

Societe Generale CEO Frederic Oudea said: “In a mixed economic and financial environment, Societe Generale posted sound Q2 results, confirming the good commercial and operating performances achieved by the businesses at the beginning of the year and the relevance of its diversified and integrated banking model.”

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