Societe Generale on Wednesday reported better-than-expected earnings despite taking a 3.3 billion euro ($3.36 billion) hit from exiting its Russian operations.
The French lender saw every unit grow in the second quarter, which helped offset the impact of its departure from Russia.
Going forward, the French bank said it aims to achieve a return on tangible equity, a measure of profitability, of 10% and a CET 1 ratio of 12% in 2025.on Wednesday reported better-than-expected earnings despite taking a 3.3 billion euro hit from exiting its Russian operations. The French lender saw every unit grow in the second quarter, which helped offset the impact of its departure from Russia in the wake of Moscow's Ukraine invasion.
Analysts estimated a net loss of 2.85 billion euros for the quarter, according to Refinitiv, however, the bank posted a net loss of 1.48 billion euros.
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