Societe Generale bank achieves record profitability

Societe Generale bank achieves record profitability

Societe Generale Bank Srbija recorded profit after tax of 2.1 billion dinars (17.7 million euros), in first quarter of 2018, which is 52 percent above the result in the same quarter of 2017.

In the first quarter of 2018, total assets of the Bank reached 290 billion dinars (2.45 billion euros), rising by 18% in annual terms, while total loans have reached 205 billion dinars (1.7 billion euros), which is by 23% higher than the same quarter of 2017.

In 2017, the Bank has already improved its performance, recording profit after tax of six billion dinars (49.7 million euros), the best result since it has been operating on the local market. In 2017, Societe Generale became the fourth largest bank in Serbia in terms of total assets, after its consolidated balance sheet sum increased by 20.4% to 295 billion dinars (2.5 billion euros). Such commercial results contributed to Societe Generale Bank, which is a part of one of the largest European banking groups, growing to become the second by the volume of loans in retail banking and the third by the size of the total loan portfolio.

“Societe Generale bank has managed to keep the trend of growth in retail and corporate operations and business, with a series of commercial activities and special commitment in terms of improving the cooperation with all clients in different fields of business and relations with our bank. We will stay close and accessible to them in order to better understand their needs”, said Maria Rousseva, president of the Executive Board of the Societe Generale Bank Srbija.

In 2017, the Societe Generale Bank Srbija marked the jubilee of 40 years of operations on the domestic market, since the first branch office for corporate banking was founded in 1977 in Belgrade.

Among the most important business ventures in 2017 is the takeover of a part of the loan portfolio of former clients of Jubanka, which additionally strengthened the market share. This is the second acquisition by the Societe Generale Bank since it started retail business in the local market, after it took over part of the loan portfolio of the clients of the former KBC bank in 2013.

The bank recognizable for promoting the innovation culture in Serbia, last year launched a large competition for the best entrepreneurial innovations "Generator", within which new ideas that are feasible and sustainable on the market were rewarded and supported.