French lender Societe Generale has reported a net income of €850m for the first quarter of 2018, an increase of 14% compared to €747m in the year ago period.

Gross operating income for the period ended 31 March 2018 was €1.56bn, down 14% from €1.83bn in the same period last year. Operating expenses rose 2% year-on-year to €4.73bn.

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The group’s common equity tier 1 ratio at the end of March 2018 stood at 11.2%.

The asset and wealth management arm of the bank generated revenues of €243m in the first quarter of 2018, down 3% in the previous year.

Net banking income at the group’s private banking unit stood at €185m, a decrease of 7% from a year ago. The unit’s assets under management totalled €117bn as at 31 March 2018.

Societe Generale CEO Frederic Oudea said: “The results posted by the Societe Generale Group for Q1 2018 and at the start of the implementation of the 2018-2020 “Transform to Grow” strategic plan are generally in line with our strategic ambitions.

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“Commercial performances are solid for the majority of our businesses, particularly in retail banking, and despite the mixed trend in the different market activities, the Group generated very encouraging underlying profitability. With a renewed General Management team, the Group is more confident than ever of its ability to successfully implement all the current transformation projects and meet its strategic and financial objectives.”