Societe Generale results show mixed picture
November 5, 2017

The second of the major French banks has now released results for the third quarter of the year which show a mixed picture across the group.

Societe Generale says it generated Group net income, excluding non-economic items, of EUR 894 million in Q3 2017. Underlying Group net income increased by 16.9% to EUR 3,616 million in the first nine months of the year.

It says these results reflect the good performance of International Retail Banking & Financial Services whose commercial momentum continued in all the businesses. French Retail Banking delivered a solid performance, despite the adjustment of hedging costs, and confirmed its revenue and cost guidance for 2017. In a historically low volatility environment, Global Banking & Investor Solutions was affected by the decline in Global Markets.

Moreover, the significant decline in the net cost of risk (excluding provision for disputes) illustrates the Group's intention to maintain a rigorous risk management policy. Societe Generale says it will present its strategic plan on November 28.

At the banks Securities Services arm, assets under custody amounted to EUR 3,955 billion at end-September 2017, down -2.0 percent year-on-year. Over the same period, assets under administration were up +9.9 percent at EUR 654 billion. Securities Services' revenues were up +4.4 percent in Q3 17 vs. Q3 16 at EUR 166 million (and +5.1 percent vs 9M 16). The business saw an increase in commissions, particularly on custody and settlement/delivery activity, and benefited from a less unfavourable rate environment.





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The second of the major French banks has now released results for the third quarter of the year which show a mixed picture across the group.

Societe Generale says it generated Group net income, excluding non-economic items, of EUR 894 million in Q3 2017. Underlying Group net income increased by 16.9% to EUR 3,616 million in the first nine months of the year.

It says these results reflect the good performance of International Retail Banking & Financial Services whose commercial momentum continued in all the businesses. French Retail Banking delivered a solid performance, despite the adjustment of hedging costs, and confirmed its revenue and cost guidance for 2017. In a historically low volatility environment, Global Banking & Investor Solutions was affected by the decline in Global Markets.

Moreover, the significant decline in the net cost of risk (excluding provision for disputes) illustrates the Group's intention to maintain a rigorous risk management policy. Societe Generale says it will present its strategic plan on November 28.

At the banks Securities Services arm, assets under custody amounted to EUR 3,955 billion at end-September 2017, down -2.0 percent year-on-year. Over the same period, assets under administration were up +9.9 percent at EUR 654 billion. Securities Services' revenues were up +4.4 percent in Q3 17 vs. Q3 16 at EUR 166 million (and +5.1 percent vs 9M 16). The business saw an increase in commissions, particularly on custody and settlement/delivery activity, and benefited from a less unfavourable rate environment.



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