FX.co ★ Societe Generale Q2 Profit, Net Banking Income Rise

French financial services provider Societe Generale S.A. (SCGLF.PK, SCGLY.PK) announced on Thursday that its second-quarter Group net income surged by 23.7 percent, reaching 1.11 billion euros compared to 900 million euros in the same period last year.

Gross operating income increased by 14.5 percent year-over-year to 2.12 billion euros, while operating income rose by 2.8 percent to 1.73 billion euros.

Net banking income, or revenues, experienced a growth of 6.3 percent, amounting to 6.69 billion euros up from 6.29 billion euros a year earlier. Adjusted for constant exchange rates, the growth stood at 4.8 percent.

Slawomir Krupa, the Group's Chief Executive Officer, remarked, "In the second quarter, our commercial and financial performance has significantly improved, aligning with our 2024 targets and our 2026 roadmap. Our revenue growth is fueled by an outstanding quarter in Global Banking and Investor Solutions, consistent performance in our international retail banking activities, higher margins at Ayvens, and a recovery in net interest income in French retail, despite continued pressure from rising interest-bearing deposits and slower loan origination in a subdued environment."