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SocGen earnings q2 2021

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A logo outside a Societe Generale SA bank branch in Paris, France.

Bloomberg | Bloomberg | Getty Images

LONDON — Societe Generale has beaten analysts expectations in the second quarter of this year, helped by a bounce back in retail banking in France.

The lender reported net income of 1.44 billion euros ($1.71 billion) for the second quarter. Analysts had expected a 704 million euro net profit for the three-month period, according to Refinitiv.

The latest results follow a “record” quarter at the start of 2021, when first-quarter profit reached 814 million euros, and mark a significant swing to profit from the loss of 1.26 billion euros posted a year ago, at the height of the Covid-induced economic crisis.

Retail banking bounce back

The latest results were supported by the French bank’s retail unit, which reported net income of 438 million euros — significant growth from the 60 million euros reported a year ago.

Some other highlights from this quarter:

  • Revenue reached 6.3 billion euros, a 18.2% increase from a year ago.
  • Operating expenses rose more than 6% from a year ago to 4.1 billion euros.
  • The CET 1 ratio, a measure of bank solvency, stood at 13.4% versus 13.5% at the end of the previous quarter.

The stock is up 49% year-to-date.

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