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Economic crisis : Société Générale lost more than a billion euros in the second quarter

The net banking income of the Society in general has plummeted by almost 16% between April and end of June 2020, to 5.3 billion euros. The Society in general i

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Economic crisis : Société Générale lost more than a billion euros in the second quarter

The net banking income of the Society in general has plummeted by almost 16% between April and end of June 2020, to 5.3 billion euros.

The Society in general is in trouble. The bank has accused a net loss of 1.26 billion euros in the second quarter of 2020, according to results published on Monday, compared to over one billion euros earned in the same period in 2019. In the first quarter of 2020 already, the company had announced losses of 326 million.

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a Result of the higher provisions, which amounted to 1.28 billion euros, to cover the effects of the crisis of the Covid-19, an obligation for banks, the net banking income (equivalent to sales) of Company general has plummeted by almost 16% between April and end of June 2020, to 5.3 billion euros.

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"If the months of April and may have been strongly marked by the reduction of activity of many economies in the world, the rebound in activity since mid-may is very encouraging. Building on a capital base is very solid and a credit portfolio, confirming its intrinsic quality, the group will continue to adapt its activities to the new environment of post-crisis Covid, extending such efforts to reduce its costs," said Frédéric Oudéa, the chief executive officer.

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On the basis of values, Society in General has lost on the Exchange on Monday of 2.17% in 12,70 euros, after the publication of its results showing a net loss of more than a billion euros in the second quarter. Since July 21, the bank has lost more than 20% of its stock market value.

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The bad results of the bank logo red and black contrast with those announced Friday by BNP Paribas, which has reported net income down compared to 2019, but up to 2.3 billion euros. Last year in the second quarter, the Company's General had also registered positive results of approximately 1.15 billion euros. The results of the BPCE group and Credit Agricole are expected to be available respectively on Monday and Thursday.

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