Most European banks beat profit estimates for the second quarter, with surprisingly robust loan portfolios providing a major boost to their earnings.
Societe Generale’s credit provisions for the period were €281 million ($307 million) below the consensus estimate, the firm said Thursday, which lifted net income €122 million above the forecast. Reporting the same day, ING Groep NV set aside €286 million less for souring loans than predicted, contributing roughly two thirds to a massive profit beat.
Read More : European Banks Benefit from Profit Boost Amid Resilient Loan Books