France’s SocGen quadruples profit, expects improved profitability

This post was originally published on this site

https://i-invdn-com.investing.com/trkd-images/LYNXMPEI1907F_L.jpg

France’s third-largest listed bank, after BNP Paribas (OTC:BNPQY) and Credit Agricole (OTC:CRARY) SA, also said it expected to improve profitability in the coming years.

SocGen said it expected underlying cost to income ratio – a key measure of banks’ profitability – to be between 66% and 68% this year, from 67% in 2021 and 74.6% in 2020.

Beyond 2022, the ratio will decline year after year, the bank said.

“The group is entering 2022 with confidence”, SocGen Chief Executive Officer Frederic Oudea said in a statement.

The bank’s quarterly net income jumped to 1.79 billion euros ($2.05 billion) from 470 million euros a year ago, with a cost of risk, reflecting provisions against bad loans, down by 87.5%.

($1 = 0.8752 euros)