2-8-18 1:14 AM EST | Email Article
   By Pietro Lombardi 
 

Societe Generale SA (GLE.FR) said Thursday that its fourth-quarter net profit fell significantly, hit by one-off items.

The French lender, the country's third-largest listed bank by assets, reported a net profit of 69 million euros ($84.6 million), compared with a net profit of EUR390 million in the same period last year.

Revenue stood at EUR6.32 billion, up from EUR6.13 billion a year earlier.

For 2017, Societe Generale reported a net profit of EUR2.81 billion ($3.45 billion), a 28% decline from the previous year.

One-off items weighed on fourth-quarter results, which include a EUR416 million charge related to tax reforms in France and the U.S. The bank took a EUR253 million hit from the U.S. tax overhaul.

Exceptional items pushed up the group's operating expenses, which rose 14% in the quarter to EUR5.02 billion. These include a charge of EUR205 million stemming from an audit of various operating taxes by the French tax administration and a court judgment on the processing of checks, as well as EUR390 million related to the restructuring of its French retail operations.

The bank's core Tier 1 ratio, a key measure of capital strength, declined to 11.4% in December from 11.7% the previous quarter.

Societe Generale proposed a dividend of EUR2.20 ($2.70) a share, unchanged from 2016.

 

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

 

(END) Dow Jones Newswires

February 08, 2018 01:14 ET (06:14 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
Add a Comment

Try Premium Membership today. Your first 14 days are free of charge. Start my Premium Membership Trial.
Sponsored Links
Buy a Link Now
Sponsor Center
Content Partners