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Societe Generale 2012 net income declines to EUR774m

Societe Generale group has reported that its net income was €774m for the year 2012, down by 67.5% from €2.38bn during the same period in 2011.

Net banking income summed up to €23.1bn, with a decrease of 9.9%, or 10.3% on a like-for-like basis, from €25.6bn during the same period last year.

Gross operating income for the year stood at €6.67bn, down by 22.4% compared to €8.6bn during the corresponding period earlier year.

Earnings per share amounted to €0.64 for 2012, after deducting interest payable to holders of deeply subordinated notes and undated subordinated notes.

The group’s Tier 1 ratio was 12.5% at 31 December 2012, compared to 10.7%; while the Core Tier 1 ratio touched 10.7%, from 9% last year.

Societe Generale has a workforce of nearly 160,000 employees based in 77 nations, who manage 33 million customers throughout the world on a daily basis.

The group provides advice and services to individual, corporate and institutional customers in three core businesses including retail banking in France; international retail banking in Central & Eastern Europe and Russia, Asia among others; and corporate and investment banking.