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.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
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.
"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."
