April 30, 2020 / 5:11 AM / a month ago

SocGen posts Q1 loss as its hikes coronavirus loan provisions

PARIS, April 30 (Reuters) - Societe Generale posted on Thursday a 326 million euros ($353.9 million) loss in the first-quarter as revenues declined and its provisions against loan losses increased threefold in the midst of the coronavirus crisis.

France’s third-biggest listed bank said revenues fell 16.5% in the first quarter to 5.17 billion euros, while its net loss amounted to 326 million euros versus a 686 million euros profit a year ago. Underlying net income was down 90.8% to 98 million euros.

$1 = 0.9211 euros Reporting by Piotr Lipinski in Gdansk and Maya Nikolaeva in Paris; Editing by Sudip Kar-Gupta

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