SocGen posts better than expected Q2 loss after Russia sale
2022.08.03 07:58
FILE PHOTO: A person holds an umbrella as the logo of French Bank Societe Generale is seen outside a bank building in Saint-Sebastien-sur-Loire near Nantes, France, May 4, 2021. REUTERS/Stephane Mahe/File Photo
PARIS (Reuters) – French bank Societe Generale (OTC:SCGLY) posted a better-than-expected loss of 1.48 billion euros ($1.51 billion) in the second quarter as buoyant activity across retail and investment banking helped it offset losses from the sale of its Russian unit.
France’s third biggest listed bank had said the sale of the unit, Rosbank, would trigger a 3.3 billion euro hit.
But the bank, which is currently looking for a new CEO, said on Wednesday that it recorded a 1.48 billion euro loss in the three months to June thanks to higher revenues in retail and investment banking. The 1.48 billion euros loss compared with analyst expectations for a loss of more than 2 billion euros.
Net banking income jumped just over 7 billion euros, roughly 600 million higher than expected while operating expenses came in lower at 4.46 billion euros, which drove “a very positive jaws effect” on operating income, the bank noted in a statement.
($1 = 0.9831 euros)
(Julien Ponthus and Matthieu Protard, editing by Silvia Aloisi)
