Paris (France), August 4: French bank Societe Generale said on Wednesday it reported a net loss of almost 1.5 billion euros (1.53 billion U.S. dollars) in the second quarter (Q2) of this year.
"The Group withdrew in an orderly and effective manner from Russia with the finalisation of the disposal of Rosbank and its insurance subsidiaries in Russia," said the group in its Q2 earnings statement, adding that this disposal resulted in the accounting of a loss in income statement of 3.3 billion euros before tax.
Frederic Oudea, the group's chief executive officer, insisted that "the exit from the Russian activities without significant capital impact and without handicapping the Group's strategic development."
Despite the loss following the exit from the Russian market, the bank stated that its net banking income in Q2 increased by 12.8 percent to reach almost 7 billion euros.
"The strong revenue growth for all businesses in Q2 was driven by record levels in several businesses with a high level of service fees and a record performance in Private Banking," the bank explained. (1 euro = 1.02 U.S. dollars)
Source: Xinhua