Societe Generale Q3 Profit Declines YoY

Societe Generale (SCGLF.PK, SCGLY.PK) reported third-quarter net income of 854 million euros, down 34.8 percent from prior year. Underlying Group net income declined 35.6 percent to 855 million euros.

For the third-quarter, net banking income declined 8.4 percent, or 7.7 percent adjusted, to 5.98 billion euros. In terms of the businesses, revenues were 2.9 percent lower than prior year.

For the nine-month period, Group net income was 2.59 billion euros, down 24.5 percent or 24.8 percent adjusted, from last year. Earnings per share was 2.49 euros compared to 3.62 euros, last year.

Underlying Group net income declined to 3.18 billion euros from 3.92 billion euros. Underlying earnings per share was 3.24 euros compared to 4.22 euros.

For the nine month period, net banking income was 18.46 billion euros, down 4.3 percent, or 4.0 percent adjusted.

In terms of the businesses, revenues were 1.3 percent lower from prior year.

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