View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
February 16, 2012updated 04 Apr 2017 1:05pm

SocGen posts strong retail FY11 earnings but group net income down 39%

Socit Gnrale (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 banks group net income by around $900m.

By Douglas Blakey

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 around $900m.

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.

Total France-based retail banking customers grew by 2.3% (or a net 243,000 clients) to 10.9m.

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.

In-branch digital investment resulted in around 1m customers using SocGen’s instant feedback iPad terminals in the branch.

SocGen’s international retail banking unit recorded net profit of €325m, down 34% from 2010 (€492m).

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.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Retail Banker International