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Socgen posts smaller-than-expected loss after costly Russia exit

By Julien Ponthus PARIS (Reuters) -Buoyant activity across retail and investment banking helped Societe Generale (OTC:SCGLY) report a smaller-than-expected loss in the second...
Socgen posts smaller-than-expected loss after costly Russia exit © Reuters. FILE PHOTO: A person holds an umbrella as the logo of French Bank Societe Generale is seen outside a bank building in Saint-Sebastien-sur-Loire near Nantes, France, May 4, 2021. REUTERS/Stephane Mahe/File Photo

By Julien Ponthus

PARIS (Reuters) -Buoyant activity across retail and investment banking helped Societe Generale (OTC:SCGLY) report a smaller-than-expected loss in the second quarter as it absorbed a 3.3-billion-euro hit following the sale of its Russia unit.

The French bank, which gave no update on its current efforts to find a new chief executive, said on Wednesday it recorded a 1.48-billion-euro loss ($1.51 billion), while analysts on average had expected a loss of more than 2 billion euros.

Net banking income jumped just over 7 billion euros, about 600 million euros higher than expected, while operating expenses came in lower at 4.46 billion euros, the bank said.

Revenue rose 23.3% to 1.5 billion euros in the global markets unit, which saw equity trading grow by 7.5% to 833 million euros, while fixed income and currency activities increased 50% to 683 million euros.

French and international retail reported a rise in net banking income of 8.5% to 2.26 billion euros and 12.7% to 1.27 billion, respectively.

In May, Societe Generale closed the sale of its Russian business Rosbank to the Interros group, a firm linked to Russian oligarch Vladimir Potanin.

The same month, Frederic Oudea took investors by surprise when he announced he would step down next year as the CEO after running the lender for 15 years.

Socgen's results follow rival BNP Paribas (OTC:BNPQY), which reported a better-than-expected profit on Friday as business remained buoyant across business lines.

With a 28.3% fall so far in 2022, Socgen's shares trail BNP Paribas, which lost 23.7%, while the broader European banking sector was down 20.5%.

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19-08-2022 15:06:54 (UTC+7)

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 EUR/USD1.0088↑ Sell
 GBP/USD1.1898↑ Sell
 USD/JPY136.74↑ Buy
 AUD/USD0.6909↑ Sell
 USD/CAD1.2968Buy
 EUR/JPY137.93↑ Buy
 EUR/CHF0.9660Neutral
 Gold1,765.85↑ Sell
 Silver19.142↑ Sell
 Copper3.6233↑ Sell
 Crude Oil WTI90.16↑ Buy
 Brent Oil96.28↑ Buy
 Natural Gas9.117↑ Buy
 US Coffee C214.80↑ Sell
 Euro Stoxx 503,761.75↑ Sell
 S&P 5004,283.74Sell
 DAX13,630.63Neutral
 FTSE 1007,547.10↑ Buy
 Hang Seng19,772.50Neutral
 Small Cap 20002,000.73↑ Buy
 IBEX 358,381.34Sell
 BASF43.365Sell
 Bayer53.47↑ Sell
 Allianz177.08↑ Sell
 Adidas166.32↑ Buy
 Lufthansa6.370↑ Sell
 Siemens AG109.81Sell
 Deutsche Bank AG8.691↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,590/ 6,690
(-10/ -10) # 1,716
SJC HCM6,620/ 6,720
(0/ 0) # 1,750
SJC Hanoi6,620/ 6,722
(0/ 0) # 1,752
SJC Danang6,620/ 6,722
(0/ 0) # 1,752
SJC Nhatrang6,620/ 6,722
(0/ 0) # 1,752
SJC Cantho6,620/ 6,722
(0/ 0) # 1,752
Cập nhật 19-08-2022 15:06:57
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$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
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KRW15,2618,59
Cập nhật lúc 15:01:40 19/08/2022
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