Reports
Revenues, Profits Rise At Societe Generale
The group's private bank reported broadly stronger results in the third quarter.
Societe
Generale yesterday reported third-quarter revenues of €6.543
billion ($7.42 billion), rising 9 per cent on a year earlier, and
€19.3 billion for the nine months to the end of September, a 2.4
per cent gain.
The Paris-listed lender said Q3 operating costs rose 5.2 per cent
year-on-year to €4.374 billion.
Group net income for the quarter rose by 16.1 per cent
year-on-year to €1.252 billion; for the nine-month period, the
figure rose 2.9 per cent to €3.721 billion.
Societe Generale’s Common Equity Tier 1 capital ratio – a
standard measure of a bank’s capital buffer – stood at 11.2 per
cent, it said.
At the group’ private bank, assets under management stood at €121
billion at 30 September, rising 1.3 per cent from the end of June
on the back of strong inflows in France. Private banking revenues
came in at €184 million in Q3, also higher (+2.2 per cent) than a
year ago. Revenues came to €574 million in the nine months to 30
September, falling 4 per cent and affected by the decline in
international activities over the period.
