Societe Generale swings to fourth quarter profit, pledges dividend hike
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.
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