Société Générale releases third-quarter results with rise in net income
Société Générale, the French financial services company, has revealed its third-quarter results for 2018.
The company’s results were higher than anticipated, with a 32% increase in net income compared to the same period of the previous year.
The firm’s €1.2bn (US$1.37bn) in net income beat expectations from analysts, which had forecast the company to reach €955mn ($1.09bn).
“Societe Generale published solid results in Q3 18, with a good level of profitability,” stated Fréderic Oudéa, CEO of Société Générale.
“Our revenues increased due to the confirmed growth in International Retail Banking & Financial Services and the healthy momentum in Financing & Advisory and market activities.”
“The Group pursued its disciplined approach to cost management and the low cost of risk confirms the quality of our loan portfolio.”
“The Group put an end this quarter to the financial impact of the major litigation issues with the US authorities relating to the pre-financial crisis period. Finally, the Group continued to optimise its portfolio of activities, with the announcement of the disposal of its Polish subsidiary.
“On the back of these various developments and its recognition as one of the most socially responsible banks in Europe, the Group is determinedly and confidently pursuing the implementation of its strategic plan”.