Societe Generale triples net profit in 2013 to 2.18bn euros

February 12, 2014 - 10:31:56 am

PARIS: French bank Societe Generale said Wednesday it multiplied its net profit last year nearly three times compared to 2012, to 2.18 billion euros or $2.97 billion and improved capital ratios in the fourth quarter.

The profit result tallied with analysts' expectations, according to a consensus given by FactSet.

The bank bounced back into the black in the fourth quarter, when it registered a profit of 322 million euros, double what analysts had forecast.

The bank's board is to propose a dividend of one euro per share at the next shareholders' meeting in May, compared to 0.45 cents last year.

Net banking income shrank 1.2 percent in 2013 to 22.8 billion euros, less than the 23.05 billion euros counted on by analysts.

Societe Generale said it came in ahead of schedule for lifting its Tier 1 capital ratio to above Basel III norms, to 10 percent, reaching the target in the third quarter.

The bank's chairman and CEO, Frederic Oudea, said in the statement that Societe General had shown "robustness" and was able to increase the level of risk provisioning in 2013 despite "a still challenging environment".

"As a result, the Group is in a position, in 2014 and beyond, to seize growth opportunities," he said.

The bank will present its new strategic plan on May 13, with one of its aims to achieve a 10 percent return on equity by the end of next year. (AFP)