16:00 - 3.08.2022

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August 3, Fineko/abc.az. France’s Societe Generale SA recorded net loss in the 2nd quarter of 2022.

ABC.AZ reports that this is linked with large-scale write-offs because of the sale of Russian assets.

Bank's net loss in April-June amounted to 1.48 bn euro, according to the press service’s statement - compared with profit of 1.44 bn euro for the same period a year earlier. In connection with the sale of the Russian bank, a pre-tax loss of 3.3 bn euro was recorded.

French bank's operating profit increased to 2.39 bn euro from 2.01 bn euro a year earlier. Net bank income (similar to revenue) grew by 12.8% to 7.065 bn euro. French retail business SG increased its net profit in the last quarter by 18.7%, to 539 million euro and revenue by 8.5%, to 2.26 bn euro.

The capitalization of Societe Generale has fallen by 26.2% to 16.79 bn euro since the beginning of 2022.