2/18/2010-France-based bank Societe Generale SA SCGLY said Thursday that its net earnings more than doubled during the fourth quarter as its international retail and private banking operations swung back to profit.
The bank said its profit for the quarter was euro221 million ($303 million), up from euro 87 million in the year-ago period and ahead of euro148 million consensus.
Better results from the company's international retail and private banking arms allowed the bank to offset slightly lower revenues.
The bank booked euro1.9 billion in provisions, well ahead of the euro1.4 billion forecasted in January.
The bank will also pay shareholders a euro0.25 per share dividend, down from 1.2euros in 2008.
The bank has staged a slow and gradual recovery from the trading scandal it was dealt with in 2008, which incurred billions in losses.
Write to Chip Brian at cbrian@tradethetrend.com
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