(Ecofin Agency) - In 2018, the performance of Société Générale slowed down in Africa, Ecofin Agency deduced from the financial report published on February 7, 2019, by the French investment bank.
The cumulated net banking product of the group’s thirteen subsidiaries in the region reached €1.39 billion, representing a 7.12% rise on a year-to-year basis.
Though the cumulated net banking product is a record ever reached since 2015, the growth is still low compared to the 9.56% growth recorded in 2017. In addition, the number of its clients that reached the 4 million peak went back to 3.8 million at end December 2018.
Also, even though the group’s net income realized in the region in 2018 is above €200 million (€208 million to be precise), it is a downward trend compared to the €221 million declared for 2017.
With a total of €410 million, the Moroccan subsidiary remains by far the leading contributor to the group’s net banking product in Africa, followed by Côte d'Ivoire (€188 million). Let’s note that the subsidiary in Côte d'Ivoire recorded the highest growth rate with +16.18% against +3.3% for Morocco.
In the same wake, its Senegalese subsidiary has replaced the Cameroonian as the fifth contributor in terms of net banking product’s contributors.
Recently, Société Générale signed a partnership agreement with Barclays South Africa to combine their efforts in the support of foreign investors and wealth management in the region.
There is also little risk of its performances in Africa being a worry in the long term since the region is part of its “Africa and others” cluster, which recorded good results with a net income of €237 million; a 36.5% rise compared to 2017.