Societe Generale reported revenue of €6.6 billion in Q1 2024, remaining stable in relation to Q1 2023 with a drop of just 0.4%. Revenue was up by 9% from Q4 2023’s €6 billion.
Group net income was €680 million, up 36% from Q4 2023’s €430 million. While this is a significant increase YoY, the bank is still down on its Q4 2022 figures, where it saw €1.1 billion in net income.
The equities business recorded €870 million in revenue for Q1 2024, up 3.1% YoY and 13% QoQ. This was due primarily to a rise in equities indices and strong commercial momentum in derivatives, the firm commented.
Fixed income and currencies saw €733 million in revenues over the quarter, which Societe Generale stated is the result of activity in the investment solutions business. However, this figure marks a 16.7% decline YoY – due to lower volatility on rates, which impacted flow activities, and less conducive market conditions, the firm added.
Societe Generale highlighted the launch of research and cash equities business Bernstein in its results release, which has allowed clients to access international services through the equity value chain.
On the results, Slawomir Krupa, CEO, commented: “We are progressing in the execution of our strategic plan. Our operating performance improved thanks to a strong contribution from Global Banking and Investor Solutions and solid revenues from International Retail Banking.”
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