SocGen’s FY10 group net income up 7.5%

France-based Societe Generale (SocGen) has posted strong full year group net income of 3.9bn, compared to 678m in the prior fiscal. SocGens domestic retail banking division posted net income of 1.2bn for the twelve months to 31 December, a 22.4% rise from a year ago. In France, the number of customers at the banks three banking franchises (SocGen, Credit du Nord and Boursorama) grew by 3.9% in 2010 to 10.7m.

DuyguTavan February 16, 2011

France-based Société Générale (SocGen) has
posted strong full year group net income of €3.9bn, compared to
€678m in the prior fiscal.

SocGen’s domestic retail banking division
posted net income of €1.2bn for the twelve months to 31 December, a
22.4% rise from a year ago.

In France, the number of customers at the
bank’s three banking franchises (SocGen, Credit du Nord and
Boursorama) grew by 3.9% in 2010 to 10.7m.

SocGen’s international retail banking business
generated net income in fiscal 2010 of €492m, up 7.5% from a year
ago.

The number of international retail banking
customers rose to 12.3m, an increase of 1.7% compared to fiscal
2009.

SocGen’s chief executive, Frédéric
Oudéa, predicted group net income to reach €6bn in
fiscal 2012.

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The bank ended the year with total assets of
€1.13tr, an 11% rise compared to year-end 2009.

Société Générale subsidiary, BRD, Romania’s second-largest bank by
assets, has posted a net profit of RON501m ($158.8m) for the 12
months to 31 December, a fall of 31% compared with the prior
year.

Spanish rival Santander
reported an 11% increase in UK pre-tax profits for fiscal 2010 to
£2.3bn.

UK-based Barclay’s Global Retail Banking (GRB) unit has
posted profit before tax of £1.83bn ($2.95bn) for the 12 months to
31 December, marginally ahead of the £1.82bn reported the
previous year.