DBRS: SocGen’s Underlying 3Q17 Net Profit Down on Lower CIB Revenue
Société Générale S.A. (SG or the Group) reported group net income of EUR 932 million in 3Q17, down 15.2% year-on-year (YoY). Exceptional and non-economic items had a strong impact on the YoY results and were a negative EUR 147 million after-tax in 3Q17 (mainly additional provisions for disputes, revaluation of own financial liabilities, capital gains and IFRIC 21 adjustments) compared to a negative EUR 69 million in 3Q16 (mainly revaluation of own financial liabilities). Excluding exceptional and non-economic items, the 3Q17 underlying group net income was EUR 1,079 million, down 7.7% YoY. For the 9M17, net income attributable to equity holders was EUR 2,737 million on a reported basis, down 21.4% YoY and EUR 3,616 million when adjusted for exceptional and non-economic items, up by 16.9%, largely supported by a decline in the cost of risk.
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