Societe Generale Equipment Finance (SGEF) saw loan growth of 6% year-on-year to €16.5bn (£14bn) in the first quarter of 2017, according Societe Generale’s results.
The equipment finance arm of the French bank saw resilient margins, according to SocGen, with loan outstandings rising more than €1bn from Q1 16’s figure of €15.4bn. Deposit oustandings decreased, falling by 18.8% year-on-year to €1bn over the same period.
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ALD Automotive, the fleet arm of the bank, increased its fleet by 14% year-on-year in Q1 17, reaching 1.4 million vehicles.
In April, ALD Automotive joined forces with carmakers Opel and the carpooling service BlaBlaCar to provide leasing services to drivers in France. In Soc Gen’s results, ALD indicated that it plans to increase its partnerships with car manufacturers and banks.
For the group, net income was €747m, a substantial year-on-year decrease of almost €2bn from the €924m achieved in the first quarter of 2016.
Part of the reason for this was that Societe Generale reached a settlement with the Libyan Investment Authority, paying them €963m in relation to transactions running back to 2007.
Frédéric Oudéa, chief executive officer, said: “Once again, Societe Generale has demonstrated the quality of its diversified and integrated banking model, with a good performance in all its businesses.
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By GlobalData“The group will continue actively working to bring an end to past disputes and complete the culture and conduct projects in order to further enhance the quality of its services and the control of its risks.”
