Societe Generale earnings for the fourth quarter of 2021

Societe Generale beat analysts’ expectations on Thursday, posting its highest-ever profit for 2021.

The lender reported net income of 5.64 billion euros ($6.44 billion) for all of 2021. Analysts expect net income to hit 4.4 billion euros for the period, according to Refinitiv.

Looking at the quarterly numbers alone, the French bank reported net income of 1.79 billion euros for the last three months of 2021, also above the 1.3 billion euros that analysts expected.

Frederic Oudea, the bank’s chief executive, said in a statement: “The year 2021 marks a significant milestone for the Societe Generale Group, which has achieved the best financial results in the history of the company. me.

The result was driven by the strong performance of SocGen’s global investor and banking solutions division, where net banking income increased 25.2% year over year.

“Stock performance had its best year since 2009,” the bank said in a statement, noting that revenue came in at 3.15 million euros in 2021 compared with 1,275 million euros in 2020.

SocGen’s asset and wealth management divisions also reported a jump in year-over-year revenue, up 6.1%.

By contrast, revenue from fixed income and monetary operations at the bank fell 19.2% year-over-year, but this was offset by other divisions of the global banking division.

Other highlights for Q4:

• Group revenue reached 6.6 billion euros, up 13.4% from a year ago.
• Operating expenses increased 4.9% from a year ago.
• The CET 1 ratio, a measure of a bank’s solvency, reached 13.7%.