Tuesday 29 July 2014

Societe Generale swings to fourth quarter profit, pledges dividend hike

Published 12/02/2014|07:21

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Societe Generale
Societe Generale

French bank Societe Generale said it swung to a profit in the fourth quarter of 2013, rebounding from a year-ago loss plagued by writedowns, and pledged to return more capital to investors next year.

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SocGen reported a fourth-quarter net profit of €322m today, compared with a €471m loss for the same period in 2012. Loan-loss provisions were down by 20pc, while writedowns on the acquisition value of assets were cut by almost 90pc.

The bank, which said it had lifted its core Tier 1 capital ratio under Basel III rules to 10pc ahead of schedule, said it would pay a 2013 dividend of €1 per share, up from €0.45 in 2012.

It also said it was targeting a payout ratio of 40pc for 2014, up from around 27pc in 2013

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