French lender Societe Generale has reported a net income of EUR 924m for the first quarter of 2016, up 6.5% compared to EUR868m in the year-ago quarter.
The group’s quarterly gross operating income was EUR1.89bn, a fall of 1% from EUR1.91bn during the same quarter in 2015.
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Operating expenses dipped 3.6% year-on-year to EUR4.28bn from EUR4.44bn. Tier 1 ratio at the end of the period was 13.7%, compared to 12.4% at the end of the first quarter of 2015.
The bank’s French retail banking arm posted a net income of EUR328m, a rise of 17.5% from EUR279m in the prior year. The unit’s gross operating income fell 2% to EUR659m from EUR673m a year ago.
Net income at the bank’s international retail banking & financial services unit surged 71.9% to EUR361m from EUR210m a year ago.
Societe Generale CEO Frédéric Oudéa said: "In a more challenging environment at the beginning of the year than last year, the Group generated sound results in Q1 2016, illustrating the benefits of its diversified and highly integrated business model, which is reflected in the constantly increasing synergies between the businesses."
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