Dow Jones Newswires: Société Générale profit and revenue falls

This post was originally published on this site

Société Générale SA’s third-quarter net profit and revenue fell, while the bank strengthened its capital.

France’s third-largest listed bank GLE, +1.52%  by assets had net profit of 854 million euros ($948.1 million) for the period, compared with EUR1.31 billion a year earlier, it said Wednesday.

Net banking income, the bank’s top-line revenue figure, fell 8.4% to EUR5.98 billion.

The bank’s core Tier 1 ratio, a key measure of capital strength, rose to 12.5% in September from 12% at the end of June.

The bank said it has reached its target of cutting EUR10 billion in risk-weighted assets at its global banking and investor solutions business.