Société Générale (SocGen), has reported a
fiscal 2011 full year net profit of €2.38bn ($3.09bn), down 39.1%
from the year ago period (2010: €3.91bn).
According to SocGen,
Greek sovereign debt losses, write-down of goodwill and
restructuring provisions impacted the bank’s group net income by
SocGen’s retail banking
performance was altogether more positive.
Taken together, French
retail and the international retail banking unit of SocGen
accounted for over 60% of group earnings in 2011.
The France-based retail
unit of SocGen posted a net profit of €1.43bn for the 12 months to
31 December, up 16.8% year-on-year.
retail banking customers grew by 2.3% (or a net 243,000 clients) to
Retail deposits in
France grew by 8.7% in 2011 (boosted by an increase of 11.2% in
regulated savings schemes).
SocGen’s investment in
digital channels was reflected in strong demand for its iPhone/iPad
applications, with 1m downloads during 2011.
investment resulted in around 1m customers using SocGen’s instant
feedback iPad terminals in the branch.
retail banking unit recorded net profit of €325m, down 34% from
The majority of the
units profit was generated by a strong performance in the Czech
Republic: net profit increased by 4.8% to €262m at SocGen’s
Komercni Banka subsidiary.
In the Mediterranean
basin & Sub-Saharan Africa, SocGen’s branch investment
programme resulted in 112 branch openings in 2011.
Profit slipped back by
13% in the Mediterranean basin to €220m; in Sub-Saharan Africa,
retail net income increased by 10.8% to 133m.
Group wide, SocGen’s
total assets increased by 4% in fiscal 2011 to €1.18trn.