Societe Generale reported an increase in net profits of 12 percent, up to $1.6 billion during the third quarter.
The bank reported consumer banking was performing well, but there was slower profit growth in investment banking. Gross operating profit increased 10 percent to $2.6 billion.
However, the bank reported concern over the performance of its investment banking operations. While international consumer banking saw a 26 percent increase, Societe Generale’s profits rose only 5 percent during the quarter.
“Retail banking outside France delivered another dynamic sales performance this quarter, confirming its status as one of the group’s main growth drivers,” says a Societe Generale spokesman, adding customer numbers increased by nearly 672,000 in the last year.