SG doubles net profits

Société Générale announced its year-end results on 12 February 2004 and registered net profits of E1.08bn from investment banking, almost double the E509m recorded the previous year and close to the E1.1bn achieved in 2000. The group's equity and advisory business also reported an increase in profits five times higher than those registered in 2002. In addition, net banking income rose by 7.3% to E15.6bn (up 8.7% when adjusted for changes in group structure and at constant exchange rates). In total, revenues increased by 4.3% in the French networks, 17.6% in financial services and 7.8% in corporate and investment banking (+15.6% when adjusted for changes in group structure and at constant exchange rates). Net banking income generated by global investment management was stable over the full year when adjusted for changes in the group structure and at constant exchange rates, with a marked rise witnessed in the second half of the year. This growth was principally underpinned by the development of the group's existing franchises, together with selective acquisitions in businesses offering strong potential for profitable growth (notably financial services and private banking).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• France