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Societe Generale SA announced on Wednesday that it plans to launch a buyout in the fourth quarter, after meeting its targets for 2020 and net profit for the last quarter of last year fell less than expected.
Net profit for the period was down 28% from a year earlier to € 470 million ($ 569.7 million), better than the € 318 million forecast by analysts.
The net banking income, overall turnover of the bank, fell 6% to 5.84 billion euros.
France’s third-listed bank in terms of assets said it plans to launch a buyout in the last quarter of this year, which is expected to be around € 470m. It will propose a dividend of 0.55 euro per share for 2020, and for 2021 it plans to return to shareholders 50% of the underlying profits.
For the coming year, he expects costs to increase slightly, while the cost of risk should decline. He is aiming for a CET1 ratio of more than 200 basis points above his regulatory requirements, a target he expects to greatly exceed this year.
The bank has met its 2020 forecast for underlying costs, capital and cost of risk.
Write to Pietro Lombardi at [email protected]; @ pietrolombard10
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