PARIS (dpa-AFX) - French lender Societe Generale SA (SCGLF.PK, SCGLY.PK) reported Thursday that its fourth-quarter Group net income surged to 624 million euros from last year's 69 million euros.
Underlying Group net income was 744 million euros, compared to 877 million euros a year ago.
Operating income amounted to 1.11 billion euros, up 33.3% from last year. Underlying operating income was 937 million euros, compared to 1.37 billion euros a year ago.
In the quarter, net banking income declined 6.3% to 5.93 billion euros from 6.32 billion euros a year ago.
French Retail Banking revenues fell 6.8%. International Retail Banking & Financial Services' net banking income was significantly higher. Global Banking & Investor Solutions' revenues were 6.9% lower.
On this basis, the Board of Directors has decided to propose the payment of a dividend of 2.20 euros per share to the Combined General Meeting of Shareholders, with the possibility of opting for the payment of the dividend in shares. This represents a payout ratio of 51.8%.
Further, the company said it has adapted the execution and financial targets of its 'Transform to Grow' plan. In particular, the Group expects the revision of interest rate assumptions used in its estimates to have an impact of around 500 million euros on the Group's revenues in 2020.
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