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Societe Generale Tiurns To Profit In Q2 On Strong Revenues; Raises FY21 View

Societe Generale SA (SCGLF.PK,SCGLY.PK) reported Tuesday that its second-quarter Group net income was 1.44 billion euros, compared to prior year's net loss of 1.26 billion euros.

Underlying Group net income was 1.35 billion euros, compared to prior year's 8 million euros.

Net banking income or revenues climbed 18.2 percent 6.26 billion euros from 5.30 billion euros a year ago. Revenues grew 20.5% adjusted for changes in Group Structure and at constant exchange rates.

The company recorded strong quarter in Global Banking & Investor Solutions, substantial growth in Financial Services and a rebound in Retail Banking.

Further, the company raised its fiscal 2021 forecasts citing that the first-half results were the best for 5 years.

The company now anticipates an increase in revenues in all its businesses and a cost of risk revised downwards in a still uncertain environment but with an improving economic outlook.

Further, the company confirmed the launch of a share buyback programme, for an amount of around 470 million euros in fourth quarter.

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