Société Générale (SocGen) incurred losses in the second quarter, inter alia due to a depreciation of its trading division and provisions for possible bad loans due to the coronacrisis. It is the second quarter in a row that the French bank puts red figures in the books.

France’s third largest bank recorded a negative result of almost EUR 1.3 billion. Revenues fell by almost 16% to EUR 5.3 billion. Top man Frédéric Oudéa wants to reduce costs by EUR 450 million in the commercial sector, which has been performing poorly for some time.

In the period under review, SocGen set aside just under EUR 1.3 billion to absorb bad loans. That is more than the 820 million euros that went into the poaching pot in the first quarter.

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