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Société Générale doubled its profits in the fourth quarter and posted a jump in revenues, as its retail business rebounded and it became the latest bank to benefit from a Trump trading boom.
Revenues rose 12.5 per cent to €6.6bn in the final three months of the year compared with a year earlier while net income doubled to €1.3bn, both ahead of analysts’ estimates.
The bank said its traders had benefited from “favourable market conditions” since Donald Trump’s election, with global banking and investor solutions reporting that revenues climbed 12.4 per cent in the period to €2.5bn.
But it also posted a recovery in its large French retail division, which has suffered from sluggish growth. Revenues were up 15.5 per cent in the fourth quarter to €2.3bn.
The performance comes as the bank’s chief executive Slawomir Krupa’s strategic plan, announced in September 2023, began to bear fruit in 2024, involving the disposal of low-growth businesses.
“In 2024, our performance improves materially. All our targets are exceeded and ahead of plan,” said Krupa.
On the back of the results, Société Générale raised its payouts to shareholders to €1.7bn in 2024, up 75 per cent from 2023.
https://www.ft.com/content/ea124e2e-edd7-4ae5-92e8-9ade9ed83d65
