Societe Generale has posted strong results in its fleet management, against a backdrop of restructuring and slumped earnings for the group, while equipment leasing posted outstanding loans up by only 2.5%.
At a group level, the bank’s net banking income in 2019 stood at €24.67bn (£20.94bn). This was a fall of 2% from €25.2bn (£21.39) in 2018.
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Reported group net income slumped 21% to €3.25bn (£2.75bn) from €4.12bn (£3.49bn). Operating expenses decreased 1% to €17.73bn (£15.05bn) from €17.93bn (£15.22bn).
The group reported financial services to corporates were in good shape in 2019. Operational vehicle leasing and fleet management saw an increase in its vehicle fleet (+6.1% in 2019) to 1.8m vehicles.
Meanwhile, Societe Generale Equipment Finance (SGEF)’s outstanding loans were up 2.5% in 2019, at €18.5bn (£15.7bn), not including factoring.
The group’s chief executive Frederic Oudea, who has been at the helm for almost 12 years, has been under pressure to boost the company’s valuation, the FT reported.
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By GlobalDataOudéa said: “2019 was a year of considerable progress during which we achieved all the targets, both strategic and financial, that we set ourselves.
“More than ever, our ambitions around the use of digital technologies to enhance the customer experience and the deepening of our CSR (corporate social responsibility) commitment are at the centre of our strategic approach.”
