French lender Societe Generale SA (SCGLY.PK, SCGLF.PK) announced a plunge in first-quarter reported Group net income to 364 million euros, from last year's 732 million euros. Group net income includes the results for the Group's businesses of 1.09 billion euros and 377 million euros of disposal proceeds for the Egyptian unit NSGB. Excluding non-economic items, legacy assets, and non-recurring items, quarterly Group net income stood at 852 million euros.
Earnings per share amounted to 0.38 euros for the period, after deducting interest payable to holders of deeply subordinated notes and undated subordinated notes.
Net banking income totaled 5.09 billion euros in the quarter, lower than 6.31 billion euros in the earlier year quarter. If non-economic items, non-recurring items and legacy assets are stripped out, revenues were 6.22 billion euros, down by 8.6% year-over-year on a like-for-like basis.
In addition, the company plans additional 900 million euros cost-savings in order to achieve a ROE of 10% by end-2015.
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