Societe Generale: 3% increase in quarterly PBIT

(CercleFinance.com) - For Q1 2024, Societe Generale has reported net income, group share, that is down 21.
7% at E680m, giving a return on net tangible assets (ROTE) of 4.1%, while its gross operating income (GOI) increased 3.2% to E1.66bn.

This increase reflects a cost/income ratio that improved by 0.9 point to 74.9%, thanks to a 1.5% drop in operating expenses to E4.98bn, on overall fairly stable net banking income (-0.4%) at E6.64bn.

Our operating performance is improving, driven by very good results in retail banking and investor solutions, and solid revenues from international retail banking activities, CEO Slawomir Krupa commented.

At 31 March the CET1 (Common Equity Tier 1) ratio stood at 13.2%, some 300 bp above the regulatory requirement. Likewise, the LCR (Liquidity Coverage Ratio) was well above regulatory requirements at 159%.


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