Arab Today, arab today socgen bank reports doubled quarterly profit
Last Updated : GMT 07:27:02
Arab Today, arab today
Arab Today, arab today

SocGen bank reports doubled quarterly profit

Arab Today, arab today

Arab Today, arab today SocGen bank reports doubled quarterly profit

Paris - AFP

French banking giant Societe Generale more than doubled its net profits in the second quarter, it reported on Thursday boosting the shares by more than nine percent. The bank said that the performance reflected an increase in deposits by customers in France and abroad during the period. Profits for the three months ending June reached 955 million euros ($1.26 billion), up 119 percent from the figure in the same quarter last year. That exceeded market expectations by a wide margin. Analysts polled by Dow Jones Newswires had forecast net earnings of 608 million euros. Net banking income, a key measure for a bank showing the difference between the cost of rewarding depositors and the price of lending, had been expected to fall by 7.7 percent but instead rested practically stable, dipping 0.6 percent to 6.23 million euros. It also lowered its commercial cost of risk, the cost of making provisions for possible losses on risky assets, to the lowest level for nearly two years. Societe Generale said it had raised its ratio of core shareholder funds and retained earnings to risks underwritten to 9.4 percent, on the basis of Basel III prudential rules which take full effect at the beginning of 2019. The bank said it was on course to exceed its target of raising this to 9.5 percent at the end of the year. The will \"probably be close to 10 percent at the end of this year\" said chief executive Frederic Oudea. He added that the bank had also already raised its leverage ratio, the amount of core capital to consolidated assets, to the Basel III level of 3.0 percent, and would increase it further. Excluding exceptional items the bank posted a return on equity of 10 percent in the quarter, a level Societe Generale aims to maintain from the end of 2015. \"We are possibly one of the rare European banks that can offer growth,\" Oudea told journalist. \"We are in the process of showing that a universal bank can deliver growth and keep good control over risks and costs.\" Although it reported weak demand for credit in recession-hit France, the bank said there was a \"strong deposit inflow\" at its domestic business. Fixed-term deposits in France were up 27 percent from the figure for the same period last year, while special savings accounts which enjoy certain advantages under the law were up 10.8 percent. Its international retail banking network also registered a rise of 5.3 percent in deposits on the back of a robust inflow in Russia, central and eastern Europe and sub-Saharan Africa. Internationally, the bank posted a net profit of 59 million euros, against a loss of 231 million euros due to writing down the value of its acquisition of its Russian unit Rosbank. The bank\'s chief was arrested for corruption in a high-profile sting operation in May, but Societe Generale said the unit produced \"encouraging results\" with retail deposits up by 12 percent and consumer loans 16 percent. Societe Generale\'s investment bank also saw its net profit nearly treble to 374 million euros thanks in part to strong results on stock markets. Markets welcomed the bank\'s results, with its shares leaping 9.3 percent to 33.03 euros in afternoon trading on a Paris market up 0.66 percent overall.  

arabstoday
arabstoday

GMT 21:04 2017 Monday ,18 September

Dollar exchange rate stable at major banks

GMT 19:07 2017 Monday ,18 September

Inflation slump to hit in early 2018: ECB

GMT 20:35 2017 Sunday ,17 September

Dollar exchange rate stable at major banks

GMT 05:53 2017 Saturday ,16 September

ECB fines rescued Italian bank 11.2 mln euros

GMT 11:43 2017 Tuesday ,12 September

US sues ex-Deutsche Bank exec for securities fraud

GMT 12:03 2017 Sunday ,10 September

Bahrain introduces mandatory IESCA

GMT 11:55 2017 Sunday ,10 September

CBB hosts SWIFT users security workshop
Arab Today, arab today
Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today socgen bank reports doubled quarterly profit Arab Today, arab today socgen bank reports doubled quarterly profit

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today socgen bank reports doubled quarterly profit Arab Today, arab today socgen bank reports doubled quarterly profit

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today A no-frills business success

GMT 07:00 2017 Wednesday ,20 September

A no-frills business success
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today France opens door to post-2025 talks

GMT 05:16 2017 Wednesday ,20 September

France opens door to post-2025 talks
Arab Today, arab today Equifax executives step down

GMT 16:16 2017 Saturday ,16 September

Equifax executives step down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today New Zealand opposition looks

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Renault-Nissan to launch

GMT 10:44 2017 Saturday ,16 September

Renault-Nissan to launch
Arab Today, arab today Eman Al Assy receives three offers

GMT 06:31 2017 Saturday ,16 September

Eman Al Assy receives three offers
Arab Today, arab today 5,000 'Dieselgate' deaths in Europe per year

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 11:10 2017 Friday ,15 September

Fadl Shaker retreats from surrendering himself

GMT 05:05 2017 Tuesday ,12 September

Pregnant woman's suicide roils China

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 15:49 2017 Friday ,15 September

'Severe' Typhoon Doksuri pounds Vietnam

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:26 2017 Wednesday ,20 September

Opioid overdose deaths take 2.5 months

GMT 11:40 2017 Monday ,18 September

Russia and Iraq restore air travel

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:56 2017 Friday ,15 September

Apple's grand plan in Ireland held up by a forest

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday