France’s Societe Generale beats profit forecast in second quarter as retail banking returns

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

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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

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