Societe Generale posts Q2 revenue of €6.4B, up 1% YoY

Thursday, 02. August 2018 06:50

Societe Generale S.A. reported on Thursday its second-quarter revenue of €6.4 billion, which is 1% more than the in the same period last year, exceeding expectations. The French bank's net income stood at €1.2 billion, rising 8.6% on a yearly basis. Operating income amounted to €1.8 billion, marking a 45.9% jump compared to the second fiscal period of 2017. The company noted its French retail banking sightly declined due to the low interest rate environment, while it recorded a "solid" performance internationally.

"Societe Generale posted good results and an increase in profitability in Q2 18 due to a solid performance by all the businesses, disciplined cost management and good risk control. The Group also carried out several strategic transactions contributing to the refocusing of its business model around its core franchises, with the signing of an agreement to acquire Commerzbank’s Equity Markets and Commodities operations and the disposal of activities not having critical mass or insufficiently synergistic," said the group's CEO Frederic Oudea.

Related Links: Société Générale S.A.
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Breaking the News / DJ