Societe Generale’s annual profit has almost tripled due to the exit from Russia
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French bank Societe Generale ended 2022 with a net profit of €2.02 billion (.pdf). However, the company’s result turned out to be much better than the forecasts of analysts polled by Refinitiv and expected a profit of €1.5 billion from the bank. would not leave Russia and not sale Rosbank to Interros in May last year.
At the end of the year, Societe Generale’s revenue grew by 8.8%, to €28.06 billion. This was facilitated by its record high performance in several divisions of the bank at once. Based on the results of 2022, the bank decided to pay a dividend of €1.7 per share to shareholders, and also announced a €440 million share buyback coming this year.
Despite good performance last year, Societe Generale’s share price is down about 2.2% as the bank warned of a difficult 2023 for itself and also forecast a decline in revenue in France.
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