Société Générale: 2020 results hit by Coronavirus crisis
(CercleFinance.com) - Société Générale has published 2020 underlying net income, group share that is down 64.
7% at 1.43 billion euros, although a CET1 solvency ratio of 13.4% - about 440 basis points above the regulatory requirement.
The bank has reported a sharp drop in underlying management fees to 16.5 billion euros (-5.2%), in line with its annual target, while its cost of risk was contained at 64 basis points (including 1.4 billion euros in provisioning on performing loans, or 41% of the total).
The year 2020 was marked by a global health crisis, which led to a resulting in a 7.6% organic decline in net banking income to 22.11 billion euros, albeit with the performance of its three businesses that improved significantly in H2.
Copyright (c) 2021 CercleFinance.com. All rights reserved.
7% at 1.43 billion euros, although a CET1 solvency ratio of 13.4% - about 440 basis points above the regulatory requirement.
The bank has reported a sharp drop in underlying management fees to 16.5 billion euros (-5.2%), in line with its annual target, while its cost of risk was contained at 64 basis points (including 1.4 billion euros in provisioning on performing loans, or 41% of the total).
The year 2020 was marked by a global health crisis, which led to a resulting in a 7.6% organic decline in net banking income to 22.11 billion euros, albeit with the performance of its three businesses that improved significantly in H2.
Copyright (c) 2021 CercleFinance.com. All rights reserved.