Societe Generale: Profits increased in the fourth quarter

Societe Generale announced net profit increased in the fourth quarter of last year, setting a distribution policy to shareholders of 2.75 euros per share.

The French bank stressed that the net profit for the quarter amounted to 1.79 billion euros compared to 470 million euros in the corresponding period last year. Analysts expected 1.27 billion euros.

Net banking income increased to 6.62 billion euros in the quarter, from 5.84 billion euros a year ago.

Societe Generale stressed that it will propose a dividend of 1.65 euros per share at the shareholders’ meeting on May 17.

It also plans to launch a 915m-euro share repurchase program, or 1.1m euros per share, provided it receives the approval of the general meeting and the ECB.

In 2021, the bank’s risk cost stood at 13 basis points, while the provisions for serviced loans correspond to 3.36 billion Euros at the end of the year.

Risk costs are expected to be 30 basis points lower this year.

Source: Capital

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