The first quarter 2010 Group net income
Glossary
Net Income
profit or loss of the period, equal to the Operating income minus exceptional items, taxes on profits, amortization of goodwill and general ... more » totalled EUR 1.06 billion and reflects:
- the commercial dynamism of retail banking activities and the quality of Corporate and Investment Banking's customer franchises,
- the gradual recovery in the profitability of Specialised Financing activities,
- signs of improvement in the cost of risk even though it remains high.

The beginning of 2010 has provided further evidence of the improvement in the global economic outlook, albeit with considerable disparities from one region to another. The pick-up in activity in developed European countries is much less pronounced than in the other areas of the world and is likely to be constrained by the indispensable measures to reduce public deficits and debt. There is also continuing uncertainty regarding the new regulatory and prudential environment applicable to the banking sector.

Against this backdrop, and with solid customer franchises, an operating infrastructure in the process of being streamlined and a robust capital position, the Societe Generale Group has continued to develop its businesses and produced satisfactory Q1 results that reinforce the targets announced when the 2009 full‑year results were published.