Societe Generale Announces €1.46 Billion Share Buyback Following Strong Q4 Profits

Societe Generale has unveiled a €1.46 billion share buyback plan after surpassing profit expectations in the fourth quarter. According to Jin10, CEO Slawomir Krupa emphasized his commitment to enhancing investor returns. The bank reported a 36% increase in net profit, reaching €1.42 billion, exceeding the anticipated €1.22 billion. Despite this, the bank's stock and fixed income trading divisions underperformed. Additionally, Societe Generale raised its return on tangible equity (ROTE) target to over 10% for this year. These results highlight Krupa's shift in focus from capital preservation to growth and dividends since taking office in 2023. The Paris-based lender remains dedicated to cost-cutting measures, having previously reduced hundreds of jobs and sold assets, including its UK and Swiss private banking operations. Last month, the bank announced plans to cut 1,800 positions in France by the end of next year.