Bringing you live news and features since 2006 

Frederic Oudea, Societe Generale chairman and chief executive

Societe Generale reports group net income of EUR1.08bn in Q2

RELATED TOPICS​

Societe Generale recorded group net income of EUR1.08bn in quarter two 2010 and EUR2.15bn in the first half of 2010.

Group revenues rose by 12.9 per cent in quarter two compared with the same quarter the previous year, and by 22 per cent in the first half compared with the first half of 2009.

Earnings per share in the first half of 2010 were EUR2.75.

For the private banking division, net inflows totalled EUR0.9bn in Q2 2010, or EUR2.3bn in the first half. This corresponds to an annualised inflow rate of 4.8 per cent. Assets under management amounted to EUR82.3bn.

Private banking revenues were down 28.2 per cent at EUR163m and included an equity impairment of around EUR30m. If the latter is stripped out, the decline is 11.9 per cent in absolute terms. The decline can be attributed primarily to lower treasury revenues resulting from the normalisation of market conditions, which was partially offset by an increase in commissions and credit margins.

Gross operating income for the private banking division totalled EUR29m. The business line’s contribution to group net income amounted to EUR23m, compared with EUR63m in Q2 2009.

The asset management business recorded a total outflow of EUR2.7bn in Q2 2010, representing a significant slowdown compared with Q1’s outflow of EUR12.6bn. AUM amounted to EUR88.7bn at the end of June 2010 versus EUR85.2bn at end-March 2010.

After factoring in Amundi’s contribution (EUR21m), the asset management division’s contribution to group net income amounted to EUR20m in Q2 2010 or EUR39m in the first half of 2010 versus negative EUR16m in the first half of 2009.

Societe Generale Securities Services saw its assets under administration rise by 5.4 per cent versus end-June 2009 and assets under custody by 13.4 per cent to EUR446bn and EUR3,295bn respectively.

The broker activity (Newedge) posting volumes up 16 per cent versus Q1 2010.

The business line’s revenues rose five per cent versus Q2 2009 to EUR294m.

Frederic Oudea, the group’s chairman and chief executive, says: “The results published today confirm Societe Generale’s rebound, while the company’s transformation programme, presented to the market on 15 June, is already under way, with the first portfolio arbitrages and the launch of projects for the sharing of information systems. In a macroeconomic environment in the process of stabilising, I am more than ever confident of the group’s ability to achieve the objectives of its Ambition 2015 plan.”

Latest News

HSBC Asset Management’s (HSBC AM) ETF and Indexing business has passed USD100 billion in assets under management (AUM), reflecting its..
Amundi’s ETF Market Flows Analysis for April reveals that investors added EUR54.1 billion to global ETFs in April with equities..
VanEck has reached USD10 billion in assets under management in Europe for the first time in April 2024...
Global index revenues increased 9.3 per cent in 2023, totalling a record USD5.8 billion, according to a benchmark study published..

Related Articles

Dan Miller, IQ-EQ
With just over a week to go till T+1 settlement begins in North America, Canada and Mexico, time is of...
Emily Spurling, Nasdaq
Last October’s ETF Express US Awards 2023 found Nasdaq winning Best Index Provider – ESG ETFs and Best Index Provider...
Vinit Srivistava, MerQube
Index provider, MerQube, launched in 2019, with the aim of providing a “technology-driven answer to the most complex, rules-based investment...
Sean O' Hara
Pacer ETFs has announced the launch of three Cash Cows UCITS ETFs. The firm writes that this will give European...
Subscribe to the ETF Express newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by