Societe Generale 4Q net profit rose; sets shareholder distribution policy
Summary
- The French bank said quarterly net profit was EUR1.79 billion compared with EUR470 million in the same period a year earlier
Societe Generale SA on Thursday said that net profit rose in the fourth quarter of last year and set a shareholder distribution policy equivalent to 2.75 euros ($3.14) per share.
The French bank said quarterly net profit was EUR1.79 billion compared with EUR470 million in the same period a year earlier. A consensus estimate provided by FactSet had forecast EUR1.27 billion.
Net banking income, the bank’s topline revenue figure, increased to EUR6.62 billion in the quarter from EUR5.84 billion a year earlier.
Societe Generale said it will propose a dividend of EUR1.65 a share at the combined shareholders meeting on May 17. It also plans to launch a share buyback program for a total amount of approximately EUR915 million, or the equivalent of EUR1.1 a share, subject to the authorisation of the European Central Bank and the general meeting.
In 2021, the bank’s cost of risk stood at 13 basis points, while provisions on performing loans amounted to EUR3.36 billion at year end. The cost of risk is expected to be below 30 basis points in the current year, Societe Generale said.
This story has been published from a wire agency feed without modifications to the text
