Societe Generale has reported an increase of 23.7% in its group net income for the second quarter of 2024 (Q2 2024) at €1.1bn compared to €900m in the same quarter of the previous year.
In the preceding quarter, that is Q1 2024, the French financial services company had a group net income of €680m.
The net banking income of the company in Q2 2024 ended 30 June 2024 was €6.7bn, a growth of 6.3% compared to €6.28bn in the corresponding quarter of the previous year.
Societe Generale registered an operating income of €1.72bn in the reported quarter, an increase of 2.8%, compared to €1.68bn in Q2 2023.
For the six months ended 30 June 2024, Societe Generale’s group net income was €1.8bn, compared to a group net income of €1.76bn in the same period of 2023.
The company’s net banking income for the first half of 2024 was €13.3bn compared to revenue of €12.95bn in the same period of the previous year.
Societe Generale’s French retail, private banking and insurance unit reported revenues of €2.1bn in Q2 2024, which is 1.1% more than that of Q2 2023.
The French bank’s global banking and investor solutions division registered an increase of 10% in its Q2 2024 revenues at €2.6bn. This is driven by an excellent performance of global markets and global transaction and payment services activities, said Societe Generale.
Societe Generale revenues in mobility, international retail banking and financial services were down by 2.3% compared to the revenues in the corresponding quarter of the prior year.
Societe Generale CEO Slawomir Krupa said: “In the second quarter, our commercial and financial performance is significantly improving, in line with our 2024 targets and our 2026 roadmap.
“Our revenues are driven by an excellent quarter in Global Banking and Investor Solutions, a sustained performance of our international retail banking activities, higher margins at Ayvens, while the net interest income is recovering in French retail despite being still impacted by an increasing share of interest-bearing deposits and a slower loan origination in a muted environment.”
Earlier this year, Societe Generale revealed plans to cut around 900 jobs at its head office in France, as part of its strategic restructuring to improve its operations.
