Société Générale accelerates in the third quarter, record net profit
“The performance of our businesses demonstrates the group's ability to combine growth, operational efficiency” and risk management, declared the group's general director Slawomir Krupa, quoted in a press release.
Société Générale published a new record net profit in the third quarter on Thursday, at 1.89 billion euros (+24.1% year-on-year), fueled by the awakening of retail banking in France and services to large companies which are still very profitable. “The performance of our businesses demonstrates the group's ability to combine growth, operational efficiency” and risk management, declared the group's general director Slawomir Krupa, quoted in a press release. Net banking income (NBI), equivalent to turnover in the sector, amounted to 7.17 billion euros between July and September, or 7.8% more than last year for the same period.
The French banking group first relied last quarter on its corporate and investment bank, which serves large corporate clients. This activity remains the bank's primary financial driver, with a net banking income of 2.78 billion euros (+12.5% over one year), for a net profit of 899 million euros (+22.4%). » READ ALSO - At Société Générale, shareholders approve the 45% increase in the boss's remuneration Clients who entrust more savings But it is closely followed in the third quarter by the division bringing together retail banking in France, insurance and private banking (intended for wealthy clients), which displays a NBI of 2.53 billion euros (+10.9%) for a net profit of 682 million euros (+55.4 %).
The rise in interest rates, which the bank partly passes on to the loans it grants to its customers, initially significantly improved its margin. The banking group has also been able to convince its customers to entrust it with more savings, particularly through its life insurance products. Finally, the in-house online bank, BoursoBank, reported 101 million euros in net profit to Société Générale between July and September.
Only international retail banking, specialized financial services (such as consumer credit for example) or those linked to mobility (such as automobile leasing) struggled in the third quarter. Their net profit fell by 11.1%, to 349 million euros, for a NBI of 1.86 billion euros (-6.7%). The last quarter already underway was marked by the sale at the beginning of October of Treezor, a subsidiary of white label banking and payment services.
It will also be punctuated by meetings with union representatives on the sensitive subject of salary increases, planned for November and December.
Machine-translated from French
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- Le Figaro29 Oct, 07:37
| Publisher Le Figaro (established tier) | +76 |
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