SocGen Signals It May Miss Profitability Target, Shares Drop
- Bank says ROE target for this year of 10% is `unconfirmed'
- SocGen reports profit of 656 million euros, missing estimates
Cabannes Says ‘No Fear’ on SocGen’s CoCos or Hybrid Debt
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Societe Generale SA posted fourth-quarter profit that missed analysts’ estimates, hurt by a slump at the investment bank, and signaled it may miss its profitability target. The shares plunged the most since 2011.
rose 19 percent to 656 million euros ($741 million) from a year earlier, the Paris-based company said Thursday. That was below the 944 million-euro average estimate of four analysts surveyed by Bloomberg. At the investment-banking division, profit dropped 35 percent in that period.