Société Générale it closed the first quarter with profits halved on an annual basis and launched a cost containment strategy of 900 million euros until 2015. Profits of the second largest French bank listed in Paris reached 364 million euros, against 732 recorded in the same period last year.
Core Tier 1 according to Basel 3 is 8,7% at the end of the quarter, while according to Basel 2,5 it reaches 10,6%.
SocGen had already reduced expenses by around 550 million in 2012. The new savings will help the institute reach a new Roe target of 10% by the end of 2015. The market seems to appreciate the news and pushes the stock up by more than 3% at the start of negotiations.
