The third quarter of is on file Société Générale, which closed with net income up 28% year-over-year €1,13 billion and revenues up 8% to €6,36 billion. Thanks to these results the French banking giant approaches the target of Core Tier 1 11%.
Revenue and profit growth was mainly driven by the increase in loans to the private sector in France. Domestic retail banking net profit grew by 29% to 410 million euro, thanks to the recovery of the domestic market for mortgages and loans. The reduction in provisions also weighed positively, while investment banking recorded a decline.
In home Société générale are however provided for workforce cuts, as confirmed by deputy chief executive officer Bernando Sanchez, who said the company would cut 2.000 jobs by 2020, unions announced last month.
The quarterly of the French institute was enthusiastically received at the Paris Stock Exchange, where the title of Société Générale recorded an increase of more than 5% in mid-morning, to 45 euros per share.
