SocGen posts better-than-expected Q4 profit, lags in debt trading By Reuters

PARIS (Reuters) – France’s Societe Generale (PA:SOGN) on Wednesday posted better-than-expected fourth quarter profits as it set aside less than expected in charges linked to the COVID-19 pandemic, offsetting a drop in equity and fixed-income trading revenue.

The Paris-based lender, which is under pressure to boost its profitability, said in a statement net income dropped by 28% to 470 million euros ($569.31 million) in the quarter while revenue fell by 6%.

Cost of risk, which reflects bad loan charges, rose by 85.7% year on year to 689 million euros over the period.

Analysts had forecast bad loans provisions closer to 993 million euros, based on the IBES estimate from Refinitiv. ($1 = 0.8256 euros)