Societe Generale: strong earnings growth in Q2
(CercleFinance.com) - Societe Generale has reported a 23.
7% increase in Q2 2024 net income, group share, to E1.11bn, representing a 7.4% return on tangible net assets (ROTE), and a 14.5% increase in gross operating income (GOI) to E2.11bn.
This increase reflects a cost/income ratio that improved by 2.2 points to 68.4%, thanks to a smaller rise in operating expenses (+2.9% to E4.57bn) than in net banking income (+6.3% to E6.68bn).
Our revenues were buoyed by an excellent quarter in retail banking and investor solutions, a sustained performance in our international banking activities, and higher margins at Ayvens, CEO Slawomir Krupa said.
He adds that in retail activities in France, the net interest margin improved, but remained penalized by an increase in the proportion of interest-bearing deposits and a weak credit dynamic in a wait-and-see environment.
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7% increase in Q2 2024 net income, group share, to E1.11bn, representing a 7.4% return on tangible net assets (ROTE), and a 14.5% increase in gross operating income (GOI) to E2.11bn.
This increase reflects a cost/income ratio that improved by 2.2 points to 68.4%, thanks to a smaller rise in operating expenses (+2.9% to E4.57bn) than in net banking income (+6.3% to E6.68bn).
Our revenues were buoyed by an excellent quarter in retail banking and investor solutions, a sustained performance in our international banking activities, and higher margins at Ayvens, CEO Slawomir Krupa said.
He adds that in retail activities in France, the net interest margin improved, but remained penalized by an increase in the proportion of interest-bearing deposits and a weak credit dynamic in a wait-and-see environment.
Copyright (c) 2024 CercleFinance.com. All rights reserved.