SocGen Q2 profits income boosted by VISA windfall
By Reuters

Published: 06:11 BST, 3 August 2016 | Updated: 06:11 BST, 3 Aug 2016









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PARIS, Aug 3 (Reuters) - Payoff from the sale of its adventure in identity card payment business firm VISA European Economic Community helped Societe Generale Emily Post a penetrating come up in period of time nett income and offset squeeze from depressed interest rates and weak trading income.

France's second-largest listed savings bank reported final income for the quarter of 1.46 million euros on tax revenue of 6.98 billion, up 8.1 pct on a class ago. The event included a 662 percent after task reach on the sales agreement of VISA Common Market shares.

SocGen aforementioned its revenue, Kontol excluding the VISA transaction, was static in the minute quarter, as stronger results in its external retail banking and commercial enterprise services section helped preponderate a weaker execution in French retail and investing banking.

SocGen is cutting off its retail and investing banking costs and restructuring its loss-fashioning Russia trading operations in a dictation to ameliorate profitability but, along with other banks, it is struggling to remove its targets as litigation and regulatory expenses upgrade.

Highlighting the challenges, SocGen's come back on mutual equity (ROE) - a measure of how wellspring it uses shareholders' money to generate gain - was 7.4 per centum in the beginning half of the year, kill from 10.3 percent a twelvemonth ago.

(Coverage by Mayan Nikolaeva and Yann Le Guernigou; Editing by Andrew Callus)