SocGen posts profit beat in fourth quarter despite dip in trading revenue

This photo, taken on October 28, 2019, shows the logo of the Societe Generale bank, in Ouistreham, Normandy, France.

SAMEER AL-DOUMY | AFP | Getty Images

LONDON — Societe Generale reported Wednesday a net profit of 470 million euros for the fourth quarter of 2020.

Frédéric Oudéa, the group’s chief executive officer, said in a statement: “The Q4 results provide further confirmation of the rebound in our businesses observed in Q3 after a beginning of the year marked by the impacts of the Covid crisis.”

Analysts were expecting a net income of 252 million euros for the quarter and a loss of 822 million for the year. The French bank reported a net income of 862 million euros for the third quarter.

The stock is down over 43% in the past 12 months.

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