Societe Generale Q2 19 profit

Societe Generale announced Thursday a net profit of 1.05 billion euros for the second quarter of the year.

Analysts had forecast a net profit of 964 million euros, according to Reuters estimates. The French bank posted a net profit of 1.2 billion euros for the same quarter of the previous year.

Here are some highlights for the quarter:

• Net banking income of 6.3 billion euros against 6.5 billion a year ago
• Return on equity of 9.7% vs. 11.2% a year ago
• Tier 1 common equity ratio was 12% at the end of the quarter versus 11.1% a year ago

Fréderic Oudéa, CEO of the group, said in a statement: "Societe Generale has provided further proof of the successful execution of its strategic plan with two priority financial objectives: to increase its capital and improve its profitability."

"The positive trends observed in the previous quarter in French retail banking and in international retail banking and financial services were confirmed," he added.

The French retail banking division recorded a 2.5% drop in net income compared to the previous year, with a profit of 356 million euros (393 million dollars). Nevertheless, Societe Generale said that the French division posted a "solid performance" in an environment of low interest rates and changes in French networks.

The foreign retail banking business reported net income of $ 515 million ($ 569 million) at the end of the second quarter, down 4.8% from a year ago.

The Paris bank announced at the beginning of the year its intention to cut 1,600 jobs, mainly in its corporate and investment banking activities. It was an attempt to boost profitability after last year 's poor performance.

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