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Societe Generale posts sharp profit drop as net banking income slides

February 8, 2024


Societe Generale on Thursday reported a sharp decline in fourth-quarter net profit on the back of weaker net banking income, but launched a new 280 million euro ($302 million) share buyback program.

The French lender posted group net income of 430 million euros, slightly above a consensus analyst forecast of 404 million euros, according to data from LSEG, formerly known as Refinitiv, but well below the 1.07 billion euros recorded for the final quarter of 2022. It comes after Societe Generale posted group net income of 295 million euros for the third quarter, as resilient investment bank performance offset a sharp downturn in its French retail business.

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