Societe Generale 4Q Net Profit Falls on One-Offs but Beats Expectations - Update
2018年2月8日 - 05:01PM
Dow Jones News
By Pietro Lombardi
Societe Generale SA (GLE.FR) said Thursday that its
fourth-quarter net profit fell significantly, hit by one-off items,
but surpassed the loss expected by analysts.
The French lender, the country's third-largest listed bank by
assets, reported a net profit of 69 million euros ($85.1 million),
compared with a net profit of EUR390 million in the same period
last year.
Revenue stood at EUR6.32 billion, up from EUR6.13 billion a year
earlier.
For 2017 the French lender reported a net profit of EUR2.81
billion, a 28% decline on year.
Despite the steep decline in net profit, the bank beat
expectations of about EUR300 million in net losses in the quarter,
according to a Factset consensus.
One-off items weighed on fourth-quarter results, which include a
EUR416 million charge related to tax reforms in France and the U.S.
The bank took a EUR253 million hit from the tax overhaul in the
U.S.
Exceptional items pushed up the group's operating expenses, up
14% in the quarter to EUR5.02 billion. These include a charge of
EUR205 million stemming from an audit of various operating taxes by
the French tax administration and a court judgment on the
processing of checks, as well as EUR390 million related to the
restructuring of its French retail operations.
Societe Generale also increased its provision for disputes,
which now stands at EUR2.32 billion after the addition of EUR200
million in the fourth quarter.
Net profit at Societe Generale's banking and investor-solution
business--which includes investment banking, security services and
asset management--decreased 15% to EUR368 million.
Its international retail banking and financial services division
posted a 8.2% increase in net profit to EUR474 million, while the
French retail bank division's net profit fell 95% to EUR22
million.
The bank's core tier-1 ratio, a key measure of capital strength,
fell slightly to 11.4% in December, compared with 11.7% in the
previous quarter.
Societe Generale proposed a dividend of EUR2.20 a share,
unchanged from 2016.
"We are facing 2018 with confidence, sustained by the ambition
to seize the growth opportunities of our activities, in an economic
and financial environment that should gradually be more
favourable," said Chief Executive Frederic Oudea. "We will focus on
the disciplined execution of the first year of our new strategic
plan."
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
February 08, 2018 02:46 ET (07:46 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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