Frédéric Oudéa, the group’s chief executive officer, said in a statement: “The fourth quarter results provide further confirmation of the rebound in our businesses observed in the third quarter after a beginning of the year marked by the impacts of the Covid crisis.” The lender saw a 1.26 billion euro loss during the second quarter while Europe struggled with the first wave of the coronavirus. However, Societe Generale returned to profit in the following two quarters.
Here are other highlights for the final quarter of 2020:
-Revenues hit 5.8 billion euros, a 6% drop from a year ago.
-Operating expenses dropped by 3.4% from the fourth quarter of 2019.
-The CET 1 ratio, a measure of bank solvency, stood at 13.4% from 12.7% a year ago.