SocGen Posts Unexpected Loss on Soaring Provisions, Impairments
03 8월 2020 - 2:48PM
Dow Jones News
By Pietro Lombardi
Societe Generale SA vowed to cut costs in its global markets
business after the lender swung to an unexpected loss in the second
quarter as it set aside more money for potential loan losses and
posted impairments related to the unit housing investment bank
operations.
Net loss for the period was 1.26 billion euros ($1.48 billion)
compared with a profit of EUR1.05 billion a year earlier, the
French bank said Monday.
France's third-largest listed bank by assets stowed away EUR1.28
billion for soured loans, a sharp increase from the EUR314 million
reported for the same period last year. In addition, it posted
impairments related to its global banking and investor-solutions
business, which includes investment banking and asset management:
EUR684 million of goodwill impairment and EUR650 million due to
impairment of deferred tax assets.
Net banking income, the bank's top-line revenue figure, fell
almost 16% to EUR5.30 billion.
Analysts had forecast a quarterly profit of EUR139 million on
revenue of EUR5.45 billion, according to a consensus forecast
provided by FactSet.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com;
@pietrolombard10
(END) Dow Jones Newswires
August 03, 2020 01:33 ET (05:33 GMT)
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