The Strategist

Societe Generale reports loss in first half 2022



08/03/2022 - 10:31



French banking giant Societe Generale reported a net loss of €640 million in the first half of 2022 as opposed to a profit of €2.253 billion in the previous year.



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The net profit from banking operations increased 14.7% to €14.346 billion. Operating profit increased by 17% to €3.781 billion.

Following a profit of €1.439 billion in the prior year's second quarter, the group reported a net loss of €1.482 billion. The net profit from banking operations increased 12.8% to €7.065 billion. Operating profit grew by 18.8% to €2.39 billion.

"The second quarter of 2022 concluded two years of intensive and disciplined execution of our various strategic projects. We successfully simplified and strengthened resilience of our business model, transformed to support the changing needs of our customers and the far-reaching transformations in digital and ESG, and invested purposefully in businesses with high growth potential," Frédéric Oudéa, CEO of Societe Generale, said in the release.

source: ft.com

 




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