Societe Generale delivers big earnings beat after second-quarter loss

FAN Editor

A logo outside a Societe Generale SA bank branch in Paris, France.

Bloomberg | Bloomberg | Getty Images

LONDON — Societe Generale reported a net income of 862 million euros ($ 1.011 billion) for the third quarter on Thursday.

Analysts had estimated a net income of 458 million euros for the quarter, according to Refinitiv.

This comes after the French bank reported a net loss of 1.26 billion euros for the second quarter of the year due to Covid-related provisions and the reduced value of its trading business.

Shares of Societe Generale are down about 58% year-to-date.

This is a breaking news story, please check back later for more.

Free America Network Articles

Leave a Reply

Next Post

Lufthansa warns of further restructuring costs in fourth quarter

November 5, 2020 BERLIN (Reuters) – Lufthansa <LHAG.DE> on Thursday said it booked a net loss of 2 billion euros ($2.35 billion) in the third quarter due to the pandemic-related slump in travelling and said further restructuring measures would weigh on fourth-quarter figures. The amount of the expected restructuring costs […]