French bank Societe Generale's Q1 profit rose 5.5% from the previous year to €1.70 billion ($1.99 billion), above the average of 13 analyst estimates. The company's French retail unit saw double-digit growth in net interest income, largely due to a cut in the remuneration rate on France's flagship regulated savings account. Despite this, the bank's investment banking division saw a 4.9% decline, driven by an 18% drop in fixed income, currency and commodity trading. The bank's return on tangible equity (ROTE), a key profitability measure, rose to 11.7%, well above its full-year target of over 10%. Since taking over in 2023, CEO Slawomir Krupa has pursued a strategy centred on asset disposals, cost cuts and stricter capital discipline.