Societe Generale reported a significant improvement in its financial performance for the second quarter, with Group net income rising by +24% year-over-year to EUR 1.1 billion. This growth was attributed to an excellent quarter for Global Banking and Investor Solutions, sustained performance in its international retail banking activities, and increased margins at Ayvens. The bank's profitability, measured by Return on Tangible Equity (ROTE), reached 7.4% for the quarter.
Global Banking and Investor Solutions saw a sharp +10.0% increase in revenues, reaching EUR 2.6 billion. This was particularly driven by strong results in Global Markets, which grew by +15.7%, and Global Transaction & Payment Services, up +13.5%. Equity businesses within Global Markets rose by +24%, benefiting from high volumes, while fixed income and currencies businesses increased by +3% despite challenging market conditions. Financing and Advisory also delivered a solid performance with revenues of EUR 879 million, up +2.9%.
The French Retail, Private Banking, and Insurance division saw revenues increase by +1.1% to EUR 2.1 billion. Despite a continued negative impact of approximately EUR -150 million from short-term hedges, the net interest income showed signs of recovery, growing +10% compared to Q2 23. The bank's online platform, BoursoBank, continued its rapid client acquisition, adding over 300,000 new clients during the quarter, bringing its total to over 6.5 million. Overall, total quarterly revenues for the Group reached EUR 6.7 billion, a +6.3% increase year-over-year.
