Société Générale: Q1 net income up 6%
(CercleFinance.com) - Société Générale has published net income (group share) of E868m for Q1 2023, up 5.
7% y-o-y, although on an underlying basis, it slipped 2% to E1.51bn.
Underlying gross operating income fell by 14.7% to E2.47bn, with NBI down 5.3% to E6.67bn. Revenues fell by 3.8% LFL under IFRS 17, but with revenues from business lines up by 0.3%.
The group explains this robust performance by strong growth at Boursorama, ALD and international retail banking, as well as an excellent contribution from the retail banking and investor solutions.
It also highlights a low cost of risk of 13 bp in Q1, which it now expects to be below 30 bp for the year, and a CET1 ratio of 13.5% at end-March 2023.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
7% y-o-y, although on an underlying basis, it slipped 2% to E1.51bn.
Underlying gross operating income fell by 14.7% to E2.47bn, with NBI down 5.3% to E6.67bn. Revenues fell by 3.8% LFL under IFRS 17, but with revenues from business lines up by 0.3%.
The group explains this robust performance by strong growth at Boursorama, ALD and international retail banking, as well as an excellent contribution from the retail banking and investor solutions.
It also highlights a low cost of risk of 13 bp in Q1, which it now expects to be below 30 bp for the year, and a CET1 ratio of 13.5% at end-March 2023.
Copyright (c) 2023 CercleFinance.com. All rights reserved.