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Societe Generale Slips To Loss In Q2, Banking Income Rises; Sees Growth In FY25

French Lender Societe Generale SA (SCGLF.PK,SCGLY.PK) reported Wednesday that its second-quarter Group net loss was 1.48 billion euros, compared to prior year's income of 1.44 billion euros.

Underlying Group net income was 1.51 billion euros, compared to 1.35 billion euros a year ago.

Operating income climbed 18.8 percent to 2.39 billion euros. Net banking income grew 12.8 percent to 7.07 billion euros from prior year's 6.26 billion euros with strong revenue growth for all the businesses.

Net banking income increased 13.4 percent at constant currency basis.

Looking ahead for fiscal 2025, the company targets revenue growth of above or equal to 3 percent 2021-2025 CAGR.

Fréderic Oudéa, the Group's Chief Executive Officer, said, "By 2025, having reaped all the benefits of the numerous strategic and operating efficiency initiatives under way, we confirm our ability to deliver profitability of 10 percent on the basis of a target core Tier 1 capital ratio of 12 percent, while maintaining an attractive distribution policy for our shareholders."

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