SocGen’s net income at €5.3B in Q2, down 16% YoY

Societe Generale S.A. revealed on Monday that its net banking income stood at €5.3 billion in the second quarter of fiscal 2020, representing a decrease of 15.7% compared to the corresponding period a year ago.

Operating income amounted to €157 million in the second trimester, plummeting 90.8% on an annualized basis. Operating expenses landed at €3.86 billion, a figure 9.6% lower than in the second three-month period of 2019. Loss per share stood at €2.25 in the first half of fiscal 2020, compared to earnings per share of €1.69 in the same period a year prior.

“While April and May were heavily impacted by the reduction in activity of numerous economies around the world, the rebound in activities from mid-May is very encouraging. […] The Group is already working on new initiatives to build its next strategic stage (2021-2023) focused around three priority objectives, customer centricity, corporate social responsibility and operational efficiency based on digital technologies,” Group’s CEO Frederic Oudea noted in a press release.

Breaking the News / MS

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