Societe Generale (SocGen) reported net profits of €470mn ($569mn) for Q4 and a net loss of €258mn ($313mn) for 2020 beating expectations of €252mn ($306mn) and -€258mn ($313mn) respectively. Net banking income came in at €22.1bn ($26.8bn), down 10.4%. The bank’s CET1 ratio stood at 13.4% vs. 12.7% in the beginning of 2020. “The fourth quarter results provide further confirmation of the rebound in our businesses observed in the third quarter after a beginning of the year marked by the impacts of the Covid crisis…The good news is that we have stabilized the revenues for the capital market activities at 1 billion Euros and overall the second main takeaway is of course the quality of the credit portfolio, which has not deteriorated,” CEO Frédéric Oudéa, told CNBC. SocGen said it will pay a cash dividend of €0.55/share in accordance with the maximum limit recommended by the European Central Bank (ECB). They are also planning a share buyback of €470mn ($570mn) in 4Q2021 subject to the non-renewal of the ECB’s recommendation and the authorisation for its implementation. SocGen’s USD 7.375% Perp was slightly higher at 108.97, yielding 3.79%

For the full story, click here

Show Buttons
Hide Buttons