Net profit of Societe Generale in the first quarter decreased by 26%


French bank Societe Generale, following the results of the first quarter, reported the fall in net profit by 26% to 631 million euros, which, however, surpassed the figure predicted by economists in 558 million euros. Revenue at 6.19 billion euros was also higher than economists estimate of 6.16 billion euros. Over the year, it increased by 1.6%. The global banking and investor solutions division recorded a decline in operating profit of 21.6% and revenue growth of 1.1%. At the end of the quarter, the bank reduced revenue from operations with fixed-income assets, foreign exchange and commodity operations by 15.9%. Revenues from stock and premium services fell 5.3%. A significant drop in profits - by 14.7% - was shown by the retail business in France, its revenue declined by 4.6%. At the same time, the Retail Banking division at the international level recorded revenue growth by 4.4% and profit - by 3.5%.

The information and recommendations contained in this analytical document are published strictly for information purposes and are not considered as an offer to buy or sell the trading tools mentioned above and are not intended to motivate to perform certain transactions
Something went wrong