SocGen: Rebound in Q3 2020 on CIB Performance and Cost Reductions
Société Générale SA (SocGen or the Group) reported a EUR 862 million net attributable profit in Q3 2020, up 0.9% year-on-year (YoY) and a rebound compared to losses in the first two quarters of 2020. Excluding specific items and at constant exchange rates, group net income group share was up 9.8% YoY. In 9M 2020, SocGen reported a net attributable loss of EUR 728 million compared to a EUR 2.6 billion profit for the same period last year. Q3 2020 results were driven by a reduction in costs and a solid rebound in the Group's CIB business. These positives offset the higher cost of risk compared to Q3 2019 due to COVID-19, albeit this was lower quarter-on-quarter (QoQ).
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