Revenues for fixed income, currencies, and commodities came in at €494 million for the quarter.
Societe Generale, a French multinational investment bank, announced its third quarter results for its 2018 fiscal year today. During the period, the firm reported solid results overall, driven in part by a rebound in the global financial markets.
During the third quarter, Societe Generale achieved a revenue of €6.5 billion. This is an increase of 9 percent year-on-year. However, when excluding revenues earnt from the revaluation of Euroclear securities, revenue was up 4.4 percent.
According to the results, revenue was driven by strong growth in the company’ French retail banking business and international retail banking and financial services operations. In addition, revenues were also supported by the global banking and investor solutions unit, which reported solid results thanks to a rebound in the global markets.
Operating expenses were also up in the third quarter, coming in at €4.4 billion. This is an increase of 5.2 percent when compared to the third quarter of 2017. Net income for the group also jumped by 16.1 percent year-on-year to reach €1.25 billion.
Fixed Income, Currencies, and Commodities Revenues Stable in Q3
Taking a look at Global Markets & Investor Services sector, net banking income came in at €1.3 billion in the third quarter. This is an increase of 7.9 percent from the same quarter of 2017 due to the rebound in Equity activities and solid performance of rates and commodities.
Revenues for fixed income, currencies and commodities were stable during the quarter at €494 million. An increase in client demand during Q3 was offset by low Liquidity in the European Credit market during the summer. Overall, for the nine months ended September 30, 2018 revenue for the sector was €1.61 billion, this is down 13.4 percent when compared to the same period in 2017.
For Equities and prime services, revenues were up by 19 percent when compared to Q3 of 2017, reaching €593 million. This was largely due to a good performance in the United States and structured products.
Commenting on the results, Fréderic Oudéa, the Group’s Chief Executive Officer, said: “Societe Generale published solid results in Q3 18, with a good level of profitability. Our revenues increased due to the confirmed growth in International Retail Banking & Financial Services and the healthy momentum in Financing & Advisory and market activities."
“The Group pursued its disciplined approach to cost management and the low cost of risk confirms the quality of our loan portfolio. The Group put an end this quarter to the financial impact of the major litigation issues with the US authorities relating to the pre-financial crisis period."
“Finally, the Group continued to optimise its portfolio of activities, with the announcement of the disposal of its Polish subsidiary. On the back of these various developments and its recognition as one of the most socially responsible banks in Europe, the Group is determinedly and confidently pursuing the implementation of its strategic plan”.
Societe Generale, a French multinational investment bank, announced its third quarter results for its 2018 fiscal year today. During the period, the firm reported solid results overall, driven in part by a rebound in the global financial markets.
During the third quarter, Societe Generale achieved a revenue of €6.5 billion. This is an increase of 9 percent year-on-year. However, when excluding revenues earnt from the revaluation of Euroclear securities, revenue was up 4.4 percent.
According to the results, revenue was driven by strong growth in the company’ French retail banking business and international retail banking and financial services operations. In addition, revenues were also supported by the global banking and investor solutions unit, which reported solid results thanks to a rebound in the global markets.
Operating expenses were also up in the third quarter, coming in at €4.4 billion. This is an increase of 5.2 percent when compared to the third quarter of 2017. Net income for the group also jumped by 16.1 percent year-on-year to reach €1.25 billion.
Fixed Income, Currencies, and Commodities Revenues Stable in Q3
Taking a look at Global Markets & Investor Services sector, net banking income came in at €1.3 billion in the third quarter. This is an increase of 7.9 percent from the same quarter of 2017 due to the rebound in Equity activities and solid performance of rates and commodities.
Revenues for fixed income, currencies and commodities were stable during the quarter at €494 million. An increase in client demand during Q3 was offset by low Liquidity in the European Credit market during the summer. Overall, for the nine months ended September 30, 2018 revenue for the sector was €1.61 billion, this is down 13.4 percent when compared to the same period in 2017.
For Equities and prime services, revenues were up by 19 percent when compared to Q3 of 2017, reaching €593 million. This was largely due to a good performance in the United States and structured products.
Commenting on the results, Fréderic Oudéa, the Group’s Chief Executive Officer, said: “Societe Generale published solid results in Q3 18, with a good level of profitability. Our revenues increased due to the confirmed growth in International Retail Banking & Financial Services and the healthy momentum in Financing & Advisory and market activities."
“The Group pursued its disciplined approach to cost management and the low cost of risk confirms the quality of our loan portfolio. The Group put an end this quarter to the financial impact of the major litigation issues with the US authorities relating to the pre-financial crisis period."
“Finally, the Group continued to optimise its portfolio of activities, with the announcement of the disposal of its Polish subsidiary. On the back of these various developments and its recognition as one of the most socially responsible banks in Europe, the Group is determinedly and confidently pursuing the implementation of its strategic plan”.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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