August 3, 2020

France’s Societe Generale plunges into loss on COVID hit

Paris (AFP) – Top French bank Societe Generale said Monday the COVID-19 crisis pushed it into a second quarter loss of more than a billion euros as it was forced to increase loss provisions sharply.The net loss of 1.26 billion euros ($1.48 billion) for the three months to June compared with a profit of more than a billion euros in the same period a year earlier and follows a loss of 326 million euros in the first quarter.”This quarter has been sharply impacted by the COVID-19 global health crisis and its economic repercussions,” Societe Generale said in a statement.Net banking income — a bank…


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