Societe Generale Q3 Profit Climbs, Despite Weak Net Banking Income

(RTTNews) - French banking major Societe Generale S.A. (SCGLF.PK, SCGLY.PK) reported Thursday higher profit in its third quarter with growth in gross operating income, despite weak net banking income.

In the third quarter, Group net income increased 11.3 percent to 1.52 billion euros from last year's 1.37 billion euros.

Operating income increased 5.8 percent to 2.23 billion euros from prior year's 2.11 billion euros.

Gross operating income increased 3.4 percent to 2.60 billion euros from 2.51 billion euros a year ago. At constant perimeter and exchange rates, gross operating income climbed 11.2%.

Net banking income, meanwhile, dropped 2.7 percent from last year to 6.66 billion euros.

Slawomir Krupa, Group Chief Executive Officer, said, "We are releasing today a very good set of results, which are again driven by strong revenue growth and continued improvement in our operational efficiency and profitability. … We are approaching the coming months with rigour and determination to carry out our strategic plan, in line with our ambition to create sustainable value.."

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