Societe Generale published on Friday a net profit down sharply by 21.7% over one year, to 680 million euros, the good health of the financing and investment bank (BFI) failing to compensate for the poor performance of the others professions.
Net banking income (NBI), equivalent to turnover for the sector, amounted to 6.6 billion euros between January and March, almost stable (-0.4%) compared to the same period of the year. last.
Socit Générale mainly relied on its financing and investment bank (BFI) at the start of the year, particularly thanks to the good performance of the equity markets.
With 690 million euros (+26.4% over one year), the CIB even posted a net result higher than that of the group between January and March. Its GNP, however, is down (-5.1%, 2.6 billion euros).
Retail banking in France continues to suffer: the net profit of the division which brings together this activity, insurance and private banking is divided by more than four over one year, 27 million euros, for a slightly lower NBI ( -3.5% 2 billion euros).
The profitability of this business is under attack from all sides and bears a good part of the increase in the cost of risk (amounts provisioned to deal with future arrears) during the quarter, due in particular to the default of market files in France , files of significant size concerning several banks, specifies a press release.
The international retail banking networks, coupled with certain specialized businesses such as automobile leasing, posted net income down 42.9%, to 272 million euros, for a NBI of 2.1 billion euros ( +3.9%).
The table is completed by a line outside the poles, accounting among other things for the property management of the head office or certain costs linked to cross-functional projects, of -309 million.
Socit Générale has also been engaged for a little less than a year in a phase of refocusing its activities, which is giving rise to a wave of disposals.
The bank with the red and black logo is, for example, limiting its exposure to Africa and is in the process of divesting itself of its capital goods financing activities for businesses, grouped together in Societe Generale Equipment Finance (SGEF).
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