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Retail bank ops gives SocGen's Q1 profit YOY boost

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Retail bank ops gives SocGen's Q1 profit YOY boost

reportedgroup net income of €924 million in the first quarter, up from €868 million inthe year-ago period.

GrossEPS increased year over year to €1.02 from 96 cents.

Adjustedfor noneconomic items, namely the revaluation of its own financial liabilitiesand debt, the group net income amounted to €829 million, down from €833 millionyear over year.

SocGenattributed its first-quarter results to the "substantial growth" atall of its retail banking activities. Income from its core businesses rose to€1.08 billion from €959 million, driven by year-over-year increases incontribution from French and international retail banking as well as thegroup's financial services division.

Netbanking income declined to €6.18 billion from €6.35 billion in the firstquarter of 2015.

SocGen'snet cost of risk dropped year over year to €524 million from €613 million. Thebank did not book impairment losses on goodwill in the period.

GroupROE after tax was 7.1% in the first quarter, up from 6.9% in the year-agoperiod.

Itsfully loaded common equity Tier 1 ratio stood at 11.1% at the end of March,compared to 10.9% at the end of 2015. Its Tier 1 ratio also ticked up, to 13.7%at March-end from 13.5% as of Dec. 31, 2015.