SocGen doubles 4Q profit as retail unit rebounds

Sales grew 11.1% to US$7.22bil,above the average estimate of US$7.04bil. — Reuters

PARIS: Societe Generale (SocGen) says it has doubled fourth-quarter (4Q) profits after a recovery in its retail bank and increased equity market trading, allowing the French lender to promise shareholder payouts at the top end of expectations.

Chief executive officer (CEO) Slawomir Krupa has struggled to convince investors of his turnaround plan and lift SocGen’s long-struggling stock price.