The French bank’s equity-linked structured products were impacted by the exceptional market dislocations at the end of the first quarter due to Covid-19.

Société Générale has reported its net banking income in the first quarter of 2020, at €5.2 billion, was down 16.5% compared to the same quarter last year. Equity net banking income totalled €9m in Q1 2020, down 98.7% from Q1 2019. These activities performed well in January and February. However, revenues from structured products activities were severely impacted by the equity markets dislocation in March, the cancellation of dividend payments (loss of €200m) and by counterparty defaults (loss

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