Societe Generale SA

GLE: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€87.50	Hjd	Jxvy

Societe Generale Q2 2021: Recovery in Trading Revenue and Very Low Loan Losses Drive Strong Results

Johann Scholtz

Aug 3, 2021

No-moat Societe Generale continued with its recovery from the disastrous first half of 2020 when steep losses in equity trading and high loan loss provisions combined to push it into a loss-making position. For the second quarter of 2021, Societe Generale reported a net profit of EUR 1.4 billion compared to the EUR 1.3 billion loss it suffered a year ago for the second quarter. The second half of 2020 will pose a more challenging base. We maintain our EUR 25.50/share fair value estimate and our no moat rating.

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