Societe Generale Q4 net income falls 88.6%
Societe Generale has reported a net income of EUR100m for the fourth quarter of 2011, down 88.6%, compared to EUR874m for the same period in 2010.
The bank raised its Greek government bond positioning rate to 75% during the fourth quarter of 2011 and the net exposure to Greek government bond was reduced to EUR307m by the end of January 2012.
Net banking income was EUR6.01bn for the fourth quarter of 2011, compared to EUR6.85bn for the same period a year ago.
Operating income was EUR534m, compared to EUR1.31bn for the same period a year ago.
Corporate and investment banking segment reported a net loss of EUR482m, compared to a net income of of EUR311m for the same period in the previous year.
International retail banking segment's net income declined to EUR75m, compared to EUR104m for the same period in the last year.
Societe Generale CEO Frederic Oudea said that the group accelerated its transformation in order to adapt to the new capital and liquidity constraints, while at the same time maintaining its businesses' profit-generating capacity, with a very strict risk and cost management policy.
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