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Société Générale: Q3 net income E862m in Q3

( - The French bank's net banking income improved significantly in Q3 2020 (+9.
7% relative to Q2 2020) at 5,809 million euros.

This is pretty flat, +0.5% LFL y-o-y (-2.9% as reported), although is down 9.4% over the first nine months of 2020 compared with the first nine months of 2019.

Q3 2020 gross operating profit improved sharply (+14.6% y-o-y).

Société Générale (SG)reported Q3 net income, group share of 862 million euros (up 9.8% y-o-y) and underlying net income, group share of 742 million euros in Q3 2020, with 803 million euros for the first nine months of 2020.

At 30 September 2020, the Group's Common Equity Tier 1 ratio stood at 13.1% (13.2% pro forma of the impact of the disposal of SG Finans, which was completed on 1 October 2020, i.e. approximately 420 basis points above the regulatory requirement).

In 2020, SG expects underlying operating expenses of around 16.5 billion euros, an expected cost of risk of around 70 basis points and a CET1 ratio of over 12.0% at end 2020, taking into account all regulatory changes relating to the review of internal models (TRIM).

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