PARIS (dpa-AFX) - French Financial services major Societe Generale Group (SCGLF.PK, SCGLY.PK) reported Wednesday that its fourth-quarter Group net income fell 35.1 percent to 1.16 billion euros from last year's 1.79 billion euros.
Underlying Group net income was 1.13 billion euros, compared to 1.23 billion euros a year ago.
Operating income fell 5.4 percent from last year to 1.86 billion euros, while gross operating income grew 10.7 percent to 2.28 billion euros.
Net banking income was 6.89 billion euros, up 4 percent from prior year's 6.62 billion euros. Underlying net banking income grew 6 percent.
Further, the Board of Directors approved its distribution policy to an equivalent of 2.25 euros per share. A cash dividend of 1.70 euros per share will be proposed at the General Meeting of Shareholders on May 23. The dividend will be detached on May 30 and paid out on June 1.
In addition, the company is planning to launch a share buyback programme for a total of around 440 million euros, i.e., equivalent to 0.55 euro per share.
Looking ahead for fiscal 2023, the company expects a transition year, with the negative impacts related to the end of the TLTRO benefit and to the specific functioning of the French retail banking market.
Underlying cost to income ratio, excluding contribution to the Single Resolution Fund, is expected at between 66 percent and 68 percent. Cost of risk is expected at between 30 and 35 basis points
Further, the company confirmed fiscal 2025 financial targets.
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