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November 6, 2017

Societe Generale profit slides 15% in Q3; wealth income dips

French lender Societe Generale has reported a net income of €932m for the third quarter of 2017, a decrease of 15% compared to €1.1bn in the year ago period.

Gross operating income for the period ended 30 September 2017 was €1.95bn, down 2% from €1.99bn in the same period last year. Operating expenses remained almost unchanged at €4bn.

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

The asset and wealth management arm of the bank posted net banking income of €226m, a dip of 12% compared to the third quarter of 2016.

Net banking income at the group’s private banking unit stood at €177m, down 15% over the year ago quarter. The unit’s assets under management totalled €119bn as at 30 September 2017.

Societe Generale CEO Frederic Oudea said: “Despite an unfavourable financial environment, Societe Generale generated resilient Q3 results, driven in particular by International Retail Banking & Financial Services. The Group continued to improve its risk profile and pursued its investments, in order to meet the needs of its customers and respond to changes in the methods of using banking services.”

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