Société Générale: Q2 gross operating income down 29%
(CercleFinance.com) - Société Générale has reported Q2 2020 group net income of -1.
26 billion euros, although underlying group net income of +8 million euros, with gross operating income that is down 28.7% at +1.44 billion euros.
"Q2 2020 was heavily impacted by the Covid-19 global health crisis and its economic consequences," the group said, specifying that its quarterly net banking income fell by 15.7% to nearly 5.3 billion euros.
It points out a 9.6% decline in its operating expenses, but almost a fourfold increase in its commercial cost of risk to 97 basis points, although by 2020 this is expected at the lower end of the 70-to-100 bp range.
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