FILE PHOTO: A Societe Generale sign is seen outside a bank building in Paris, France, August 1, 2021. REUTERS/Sarah Meyssonnier
PARIS, Aug 3 (Reuters) – French bank Societe Generale (SOGN.PA) on Tuesday raised its forecasts for 2021 as the lender swung back to a profit in the second quarter on lower pandemic-related charges for bad loans and a rebound in its French retail banking.
Societe Generale now expects revenue to grow in all its businesses this year, including in French retail banking where it had previously anticipated growth between minus 1% and 1%.
France’s third-largest listed lender, after BNP Paribas (BNPP.PA) and Credit Agricole SA (CAGR.PA), said its cost of risk, which reflects provisions against bad loans, would be lower than expected in 2021, between 20 and 25 basis points, down from a previous forecast of between 30 and 35 basis points.
The lender posted second-quarter net income of 1.44 billion euros ($1.71 billion), compared with a loss of 1.26 billion euros a year earlier. Revenue rose 18.2% to 6.26 billion euros.
($1 = 0.8418 euros)Reporting by Matthieu Protard; Editing by Anil D’Silva and Christian Schmolllinger
Our Standards: The Thomson Reuters Trust Principles.
Peli Products has launched the Peli™ 9730 Remote Area Lighting System, a next-generation portable lighting…
Polaris Inc. is set to revive its popular Free Snowmobile Rides program in February 2026
Slone Partners has appointed George Quinn as Partner, Fractional Talent, strengthening its focus on flexible
Hanshow has appointed Philippe Brochard as Chairman of its Advisory Committee, strengthening the company’s governance…
Tiiny AI’s Pocket Lab makes headlines at CES 2026 with a pocket size personal AI…
Study by fäm Luxe highlights how Dubai has built ecosystem designed to attract and retain…