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French lender Societe Generale reported better-than-expected quarterly earnings on Wednesday despite losing 3.3 billion euro (or $3.36 billion) due to its exit from Russia.
In the second quarter, the bank posted a net loss of 1.48 billion euros, lower than expectations of 2.85 billion euros, according to Refinitiv.
Shares of the French bank are 28% lower year-to-date.
“We combined, in the first half of 2022, strong growth in revenues and underlying profitability above 10% (ROTE) and we were able to manage our exit from the Russian activities without significant capital impact and without handicapping the Group’s strategic developments,” Fréderic Oudéa, the group’s chief executive officer, said in a statement.
Revenue of the bank was 7 billion euros for the quarter.
Picture Credits: Getty Images
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