From CNBC:

Societe Generale reported a sharp drop in fourth-quarter net profit due to weaker net banking income, but exceeded analyst forecasts. Quarterly net banking revenue decreased by 9.9%, with annual net profit rising slightly above expectations to 2.49 billion euros. The bank will propose a cash dividend and launch a 280 million euro share buyback program.

Group CEO Slawomir Krupa characterized 2023 as a year of transition and transformation for the bank. The online and mobile banking subsidiary BoursoBank was a highlight, achieving a record quarter for new client acquisitions at 566,000, bringing its total clients to 5.9 million by the end of 2023. Krupa stated that the bank is targeting revenue growth of 5% or above in 2024.



Read more: Societe Generale posts sharp profit drop as net banking income slides