SocGen reported its latest results Wednesday.
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Societe Generale on Wednesday reported a 64% drop in annual net profits for 2022, weighed on by lower activity in its domestic banking unit, currency effects and increased operating expenses.
The French bank said net income came in at 1.16 billion euros ($1.24 billion) for the final quarter of 2022, bringing its annual profit to 2.02 billion euros. In comparison, the bank had posted 5.6 billion euros in net profit at the end of 2021.
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The latest results came in higher-than-expectations. Analysts had estimated a net income of 905 million euros for the quarter and 1.5 billion euros for the full year, according to Refinitiv.
“The Group is confident of being able to reap the benefit of ongoing projects and business developments, confirms its financial guidance for 2025, and is embarking with determination on 2023, a year of transition in many respects,” CEO Fréderic Oudéa said in a statement.
Here are other highlights from the results:
- Revenues rose 8% over the year to 28.1 billion euros.
- Operating expenses increased by 5.9% over the last 12 months to 18.6 billion euros.
- CET1 ratio, a measure of bank solvency, stood at 13.5%, versus 13.1% at the end of the third quarter.
Shares of the French lender are down more than 20% over the last 12 months.
This is a breaking news story and it is being updated.
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