SocGen posts earnings miss as it sets aside more for coronavirus-related loan losses

The French bank decided to make further provisions of 653 million euros to deal with potential risks from the ongoing crisis.

reported a net loss of 1.26 billion euros for the second quarter of the year, missing market expectations, as the bank set aside more capital due to the pandemic and reduced the value of its trading business. "While April and May were heavily impacted by the reduction in activity of numerous economies around the world, the rebound in activities from mid-May is very encouraging," Frédéric Oudéa, the bank's Chief Executive Officer, said in a statement.

cnbc maybe you missed it, but BillClintonIsAPedo 🤷🏻‍♂️

How are banks reporting losses? They borrow at 0% from the central bank, charge single to double digit interest rates and they still loose money? On top of that they engage in fractional reserve banking...why are they loosing money? They should make tons of $$...🤷🏼‍♂️

Ouch!

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