SocGen: Resilient Q4 2020 Despite Higher Cost of Risk
Société Générale SA (SocGen or the Group) reported a net attributable income of EUR 470 million in Q4 2020, down 28.1% year-on-year (YoY) and down 45.4% quarter-on quarter (QoQ). Excluding specific items and at constant exchange rates, group net income group share was down 17.6% YoY. For FY 2020, the Group reported a EUR 258 million net loss compared to a EUR 3.2 billion profit for FY2019. Q4 2020 results were impacted by higher cost of risk due to COVID-19 and ongoing revenue pressure despite a solid reduction in operating costs.
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