PARIS (dpa-AFX) - French lender Societe Generale SA (SCGLF.PK, SCGLY.PK) reported Thursday that its third-quarter Group net income climbed 56.6 percent to 836 million euros from last year's 534 million euros. The results were benefited from the efforts made to control operating expenses and a contained net cost of risk, the company said.
Excluding certain non-economic items, net income totaled 838 million euros, compared to 758 million euros a year ago.
The company's net banking income rose 4.1 percent to 5.869 billion euros from 5.636 billion euros a year ago. Net banking income, excluding non-economic items, amounted to 5.871 billion euros, 1.8 percent lower than the previous year amid very low growth and historically low interest rates in the eurozone.
Chairman and CEO Frédéric Oudéa said, 'The results of the asset quality review and stress tests carried out by the ECB confirm that the transformation implemented over the last three years has paid off and that Societe Generale is able to finance its growth helped by a very solid balance sheet.'
Copyright RTT News/dpa-AFX