Societe Generale Posts Rise In Q4 Profit

Societe Generale SA SCGLY reported a strong rise in its fourth-quarter net profit. Societe Generale's quarterly net profit climbed 79% to EUR511 million ($577.14 million), versus a year-ago profit of EUR191 million. Its revenue climbed 7.5% to EUR6.12 billion from EUR5.70 billion. The bank's Russian business reported a net loss of EUR11 million in the quarter. In France, Societe Generale's retail banking net income slipped 16% to EUR241 million. Societe Generale's global banking and investor solutions division posted a net income of EUR407 million, versus a year-ago loss of EUR184 million. Revenue from equities trading climbed 6.7%, while revenue from fixed-income trading climbed around 4%. Societe Generale also proposed a cash dividend of EUR1.2 per share for 2014. Frédéric Oudéa –Chairman and CEO said, "In 2014, Societe Generale successfully progressed in the implementation of its strategy focused on satisfying its customers, innovation, notably in digital technologies, and profitable growth. In a challenging and unstable environment, the Group posted a good business performance, confirming the businesses' growth potential. The Group also demonstrated good control of costs and risks, which were substantially lower." Societe Generale's shares fell 1.25% to close at $8.29 yesterday.