SocGen posts revenue at €6.1B in Q1, down 1.6% YoY

Friday, 03. May 2019 06:58

Societe Generale SA reported on Friday its revenue for the first quarter of the fiscal 2019 stood at €6.19 billion, marking a 1.6% drop compared to the same period of last year. The French bank's net income stood at €631 million, falling 25.8% year-over-year. Operating income amounted to €1.13 billion, which represents a 16.1% drop compared to the first fiscal period of 2018.

“Societe Generale already benefited in Q1 2019 from the initial effects of the implementation of the measures announced at the time of the 2018 full-year results. We continued with the transformation of French Retail Banking, provided further evidence of the robust momentum in International Retail Banking & Financial Services and demonstrated Global Banking & Investor Solutions’ ability to rapidly adapt, with an already tangible reduction in risk-weighted assets which, combined with the finalisation of five disposals, has resulted in a substantial increase in the level of our capital," said CEO Frederic Oudea.

Related Links: Société Générale S.A.
Author:
Baha Breaking News (BBN) / KP