Societe Generale earnings q4 2018

Balint Porneczi | Bloomberg | Getty Images

Societe Generale SA headquarters in Paris, France.

Societe Generale posted its full-year net profit of 3.9 billion euros ($4.43 billion) at the end of 2018.

The bank’s full-year performance came in line with the average forecast of 3.85 billion euros. This is a 37 percent increase from its 2017 full-year profits that stood at 2.8 billion euros.

The French lender’s fourth-quarter net profit jumped nine-fold to 624 million.

In comparison, in the last quarter of 2017, the bank saw a net income of 69 million euros.

Here are other key details:

• Net banking income stood at 5.9 billion euros in the fourth quarter of 2018 compared to 6.3 billion euros a year ago.
• Net cost of risk stood at 363 million euros in the fourth quarter of 2018 from 469 million euros a year earlier.

Fréderic Oudéa, the Group’s Chief Executive Officer, said in a statement: “We will be even more selective in our capital allocation, prioritizing the Group’s areas of excellence. Moreover, in a more uncertain economic environment, we will continue to work on our operating efficiency with an additional plan to reduce costs in Global Banking & Investor Solutions and we are further prioritizing cost control.”