Societe Generale reported a net income loss of €258m ($313m) in 2020, its first loss in decades.
This is compared to a €3,248m net income in 2019.
Go deeper with GlobalData
For Q4 2020, the group saw net income of €470m, down from the €654m earned at the same point last year.
Underlying operating expenses were substantially lower in 2020 at €16,504m (-5.2% vs. 2019, -2.8%), in line with its full-year target.
Asset and Wealth Management reported income of €903m in 2020, a 4.6% decrease from 2019. In addition, it was 4.9% lower in Q4 2020 than in Q4 2019 for Societe Generale.
Lyxor’s net banking income totalled €207m in 2020, a 3.5% increase in comparison to the previous year.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataPrivate banking for Societe Generale was also lower in 2020, a 2.4% decrease when restated for the revaluation of SIX Securities, with net income of €678m. Revenues were hit by pressure on interest margins and net banking income was 10.5% lower in Q4 2020 than in Q4 2019.
Assets under management were up 2% in Q4 2020 at €116bn.
Frédéric Oudéa, the Group’s Chief Executive Officer, commented: “The Q4 results provide further confirmation of the rebound in our businesses observed in Q3 after a beginning of the year marked by the impacts of the COVID crisis. Confident in the quality of our franchises and our balance sheet, drawing on the exceptional commitment of our teams, in H2 we defined ambitious and value-creating strategic trajectories for our businesses, demonstrating our ability to adapt and transform in a durably more uncertain environment. We are therefore entering 2021 with confidence and determination with, as a priority, the execution of our strategic roadmap. Consistent with our raison d’être, we will continue to support our customers in all the transformations accelerated by this crisis, whether they concern the growing use of digital technologies or increased attention to corporate social responsibility issues.”
Societe Generale selected Azqore, a part of Indosuez Wealth Management, to manage IT systems and back office operations outside of France.
Azqore is set to provide these solutions to Societe Generale Private Banking in Luxembourg, Monaco, and Switzerland. In addition, it will aid Kleinwort Hambros in London.
