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Societe Generale Slips To Loss In Q2 - Quick Facts

French lender Societe Generale SA (SCGLF.PK,SCGLY.PK) reported that its second-quarter group net loss was 1.26 billion euros, compared to net income of 1.05 billion euros in the previous year.

The Group recorded two non-cash exceptional items due to the review of the financial trajectory of Global Markets & Investor Services: a 684 million euros expense in respect of the goodwill impairment of the Global Markets & Investor Services CGU and a 650 million euros expense in respect of the impairment of deferred tax assets.

Underlying group net income dropped to 8 million euros from 1.25 billion euros in the prior year.

Net banking income for the quarter dropped to 5.30 billion euros from 6.28 billion euros in the previous year. The latest-quarter was heavily impacted by the Covid-19 global health crisis and its economic consequences. As a result, the Group's net banking income was down 15.7%.

For 2020 the Group anticipates underlying costs of around 16.5 billion euros, substantially lower than last year's 17.4 billion euros. It projects a cost of risk at the bottom of the range of between 70 to 100 basis points.

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