French lender Societe Generale has posted a net income of EUR1.13bn for the third quarter of 2015, an increase of 27.7% compared to EUR882m in the year-ago quarter.
The group’s quarterly gross operating income stood at EUR2.39bn, up 22% from EUR1.96bn in the third quarter of 2014.
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Operating expenses increased 1.5% to EUR3.98bn from EUR3.92bn a year earlier.
The bank’s French retail banking arm reported a net banking income of EUR2.16bn for the third quarter, a 7.1% rise compared to EUR2.02bn a year earlier. Gross operating income for the unit increased 13.9% to EUR836m from EUR734m in the prior year.
The bank’s international retail banking & financial services arm registered a net banking income of EUR1.89bn, down 0.6% from EUR1.89bn a year ago.
Commenting on the group’s performance, Societe Generale CEO Frédéric Oudéa said: "The Societe Generale Group has posted sound results in Q3 2015 on the back of a good commercial performance and the continued control of costs and risks. We have provided further evidence of our growth potential against the backdrop of a recovery in Europe, with a substantial increase in our Retail Banking activities, in France with record growth in new customers and also internationally.
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By GlobalData"Our ability to generate capital has enabled us to strengthen our financial solidity, with a CET1 ratio of 10.5%, in line with our target of around 11% at end-2016."
