Press releases

05.08.09 - Group results: Q2 2009

At its August 4th 2009 meeting, the Board of Directors of Societe Generale approved the financial statements for Q2 and H1 2009. Group net income was EUR 309 million in Q2 2009. Income for H1 amounted to EUR 31 million.

Frédéric Oudéa, the Group’s Chairman and Chief Executive Officer stated: “Societe Generale’s Retail Banking activities proved highly resilient in Q2 while Corporate and Investment Banking posted an excellent performance, concealed by negative valuation items of an accounting nature. In an environment of global recession, the Group is focusing on consolidating its market share, controlling risks and restructuring the activities most severely affected by the crisis in order to adapt to the new environment and prepare for the future.”

Benefiting from a solid capital position (Basel II Tier One ratio of 9.5%), Societe Generale continued during Q2 2009 with its plans for:

(i) the commercial growth of its Retail Banking and Private Banking activities both inside and outside France,

(ii) the substantial expansion of its Corporate and Investment Banking customer franchises while reducing its exposures at risk,

(iii) the focused realignment of its Specialised Financial Services platform,

(iv) the reorganisation of its Asset Management activities with, in particular, the signing of the definitive agreement with Crédit Agricole SA.