SocGen reports 64% slide in annual profits but beats market expectations

Societe Generale connected Wednesday reported a 64% driblet successful yearly nett profits for 2022, weighed connected by little enactment successful its home banking unit, currency effects and accrued operating expenses.

The French slope said nett income came successful astatine 1.16 cardinal euros ($1.24 billion) for the last 4th of 2022, bringing its yearly nett to 2.02 cardinal euros. In comparison, the slope had posted 5.6 cardinal euros successful nett net astatine the extremity of 2021.

The latest results came successful higher-than-expectations. Analysts had estimated a nett income of 905 cardinal euros for the 4th and 1.5 cardinal euros for the afloat year, according to Refinitiv.

"The Group is assured of being capable to reap the payment of ongoing projects and concern developments, confirms its fiscal guidance for 2025, and is embarking with determination connected 2023, a twelvemonth of modulation successful galore respects," CEO Fréderic Oudéa said successful a statement.

Here are different highlights from the results:

• Revenues roseate 8% implicit the twelvemonth to 28.1 cardinal euros.
• Operating expenses accrued by 5.9% implicit the past 12 months to 18.6 cardinal euros.
• CET1 ratio, a measurement of slope solvency, stood astatine 13.5%, versus 13.1% astatine the extremity of the 3rd quarter.

Shares of the French lender are down much than 20% implicit the past 12 months.

This is simply a breaking quality communicative and it is being updated.