(RTTNews) – French lender Societe Generale SA (SCGLF.PK, SCGLY.PK) on Thursday reported Group internet loss for the primary quarter of 326 million euros, in comparison with internet revenue of 686 million euros within the year-ago interval. Loss per share was 0.57 euros, in comparison with earnings per share of 0.65 euros final yr.
Underlying Group internet revenue fell to 98 million euros from 1.01 billion euros final yr.
Internet banking revenue declined 16.5 p.c to five.17 billion euros from 6.19 billion euros final yr.
Whereas French Retail Banking’s internet banking revenue declined 1.2 p.c, Worldwide Retail Banking & Monetary Providers’ internet banking revenue rose 1.6 p.c. Internet banking revenue for International Banking & Investor Options fell 27.Three p.c, penalised closely by market circumstances.
Within the first quarter, ROE was adverse 3.6 p.c, in comparison with 4.2 p.c final yr, and ROTE was adverse 4.2 p.c, in comparison with 5.5 p.c a yr in the past. Underlying ROTE got here in at adverse 0.5 p.c, in comparison with 8.Four p.c final yr.
Waiting for fiscal 2020, Societe Generale confirmed lower in Group prices in 2020 and extra value discount between 600 million euros and 700 million euros within the yr.
The corporate expects the price of danger outlook at round 70 foundation factors all through 2020 in a base Covid state of affairs and round 100 foundation factors in a state of affairs of prolonged shutdown.
“Past our targeted adaptation to the instant influence of the disaster, we’re already engaged on the designs of our subsequent strategic plan 2021-2025 to keep in mind the brand new setting post-crisis,” mentioned Frédéric Oudéa, the Group’s Chief Govt Officer.
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