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SocGen beats expectations in Q3, raises provision guidance for 2021 -Breaking


© Reuters. FILE PHOTO – The logo for Societe Generale can be seen at the Financial and Business District of La Defense, France on February 4, 2020. REUTERS/Benoit Tessier

PARIS (Reuters – Societe Generale in France (OTC) reported Thursday better-than expected third-quarter results due to higher revenues from its investment and corporate banking businesses and lower provision for bad loans related to the pandemic.

France’s third-largest lender listed, following BNP Paribas, Credit Agricole, and Credit Agricole, reported that the company’s net income has almost doubled to 1.6 billion euros, compared with 862 million one year prior. The figure beats an average prediction of 952 millions based on a Refinitiv poll.

SocGen said that in a statement, it had also announced the launch of a share-buyback program worth around 470 millions euros.

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