Societe Generale posts $640m Q4 loss

13 February 2013

Societe Generale posted a net income loss of €476 million ($640 million) in the fourth quarter of last year, it has emerged.

The major French bank published its results for 2012 yesterday (12 February) and revealed that its overall group net income for the 12-month period was €774 million, with a total net banking income of €23.1 billion.

Despite the marked loss registered in the final three-month timeframe of last year, the financier insisted it achieved a number of "key milestones" in the transformation process it announced three years ago during 2012.

For instance, the corporate and investment banking division completed its deleveraging programme, while the company also managed to continue the process of optimizing and refocusing its business through the sale of its Greek subsidiary Geniki.

Frederic Oudea, chairman and chief executive officer of Societe Generale, insisted: "The group succeeded, in a turbulent economic environment, in maintaining a good level of activity in order to serve its customers and finance the economy."

By Tony Aynsley

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