Societe Generale Q4 Profit Surges, Sees Growth In FY25; Plans Dividend, Buyback; Stock Up

RTTNews | 102 days ago

(RTTNews) - Shares of Societe Generale were gaining around 12 percent on the Paris Stock Exchange after the French banking major reported Thursday significantly higher profit in its fourth quarter, driven by increased net banking income. The company also announced dividend and share buyback.

For fiscal 2025, the company projects revenue growth of more than 3 percent from last year's 26.8 billion euros.

Slawomir Krupa, Group's Chief Executive Officer, said, "In 2024, our performance improves materially. All our targets are exceeded and ahead of plan. Strong capital build-up, strong and sustainable business growth, strong cost control and risk management, and a material progress in our integration projects led to the doubling of the earnings per share. …. We will continue to focus in 2025 on the relentless execution of our strategy, improving our performance even further."

The Board of Directors approved the distribution policy for fiscal 2024, aiming to distribute 2.18 euros per share, equivalent to 1.74 billion euros. In this, 872 million euros would be in share buyback.

A cash dividend of 1.09 euros per share will be proposed at the General Meeting of Shareholders on 20 May 2025. The dividend will be detached on May 26 and paid out on May 28.

For the fourth quarter, Group net income surged to 1.04 billion euros from 429 millon euros in the prior year.

Operating income was 1.69 billion euros, up 81.6 percent from prior year's 930 million euros.

Net banking income increased 11.1 percent to 6.62 billion euros from 5.96 billion euros. On a comparable basis, net banking income increased 12.5 percent.

In the quarter, revenues of French Retail, Private Banking and Insurance were up 15.5 percent year-over-year to 2.3 billion euros.

Global Banking and Investor Solutions registered a 12.4 percent increase in revenues. Mobility, International Retail Banking and Financial Services' revenues were up 2.0 percent, mainly due to an increase in margins at Ayvens.

In Paris, Societe Generale shares were trading at 34.43 euros, up 11.48 percent.

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