Societe Generale has posted a steep drop in profit for the third quarter of this year, missing analyst expectations amid a major restructuring effort.
The bank reported net profit of €854m (£734m) for the three month period, dropping almost 35 per cent when compared to the same quarter last year.
Analysts expected a net income of €863m for the third quarter, according to Refinitiv.
Equity trading revenue slumped 20 per cent, with the bank citing “lower volumes and adverse market conditions, particularly in August”.
SocGen’s core Tier 1 ratio, a key measure of capital strength, rose to 12.5 per cent in September from 12 per cent at the end of June.
The firm reported revenue of €5.98bn compared with €6.53bn in the previous year.
Under chief executive Frederic Oudea, SocGen has been pressing ahead with a new strategy aimed at reversing several weak financial quarters.
The bank announced 1,600 job cuts earlier this year and is planning to downsize its commodities trading arm.
“We have achieved results very much in line with our objectives and priorities,” Oudea said in a statement this morning.
He told CNBC: “Our performance is very much in line with our objectives and priorities. Our priority number one is around capital. This is the core focus of our shareholders.”