Russian subsidiaries of Societe Generale swings to losses of 45 mln euro in Q2
MOSCOW. Aug 5 (Interfax) - The Russian subsidiaries of French banking group Societe Generale (SG) in Q2 2015 posted net losses in the amount of 45 million euro against profit of 15 million euro in the same period of last year, the group said in a report.
The losses of the Russian business in comparison with the results of Q1, when the Russian business posted a negative financial result of 91 million euro, were cut in half.
Societe Generale's Russian business includes Rosbank , Rusfinance Bank , DeltaCredit Bank , leasing company ALD Automotive and Societe Generale Insurance.
The operating spending of the group's subsidiaries in Russia in currency equivalent fell by 17.6% year-on-year in Q2 2015 to 173 million euro.
The net income from banking activity fell in currency equivalent to 192 million euro from 310 million euro a year earlier.
The credit portfolio of the Russian subsidiaries fell to 9.4 billion euro in Q2 2015 in from 9.9 billion euro at the end of March, the report said.
In 2014 Societe Generale posted net losses in Russia of 497 million euro against profit of 165 million euro a year earlier. The losses are connected with the goodwill write-offs last year of 525 million euro due to uncertainty concerning the situation in Russia and the decline of the economy.
Rosbank, DeltaCredit and Rusfinance Bank for H1 2015 were the 13th, 51st and 67th largest banks, respectively, by assets in the Interfax-100 ranking.
