SocGen posts profit beat in fourth quarter despite dip in trading revenue

Societe Generale reported Wednesday a net profit of 470 million euros for the fourth quarter of 2020.

Frédéric Oudéa, the group’s chief executive officer, said in a statement: “The Q4 results provide further confirmation of the rebound in our businesses observed in Q3 after a beginning of the year marked by the impacts of the Covid crisis.”

Analysts were expecting a net income of 252 million euros for the quarter and a loss of 822 million for the year. The French bank reported a net income of 862 million euros for the third quarter.

The stock is down over 43% in the past 12 months.