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  • Net profit slumped at Societe Generale last year as it paid the price of restructuring efforts and the French bank dropped Thursday a key profit target. The 21 percent fall in net earnings to 3.25 billion euros ($3.58 billion) was less than the 3.43 billion euros consensus forecast of analysts surveyed by financial news firm Bloomberg. Meanwhile net banking income -- a measure of what a bank is earning from lending operations after paying interest to depositors -- dipped 2.1 percent to 24.7 billion euros. Moreover, the bank abandoned the target it had set of attaining a return on tangible equity (ROTE) of 9 to 10 percent by the end of 2020. Instead, it said it now only aims to improve the indicator which stood at 7.6 percent at the end of 2019. ROTE was at 9.7 percent in 2018. Last year the bank began a deep restructuring of its Global Banking and Investor Solutions unit to focus on its most profitable areas, pledging to sell off billions of assets. This weighed on earnings as the bank took 409 million in charges as it carried out the plan, and the selling-off of operations translated into a reduction of revenues. But it helped Societe Generale increase over the year its CET1 ratio -- a key measure of the capital it can call upon in case of a crisis -- from 10.9 to 12.7 percent. Meanwhile the bank was able to cut costs and activity remained solid in many of its business lines, but the ultra-low interest rates in the eurozone continued to weigh on its traditional retail banking operations in France. The bank's chief executive Frederic Oudea highlighted the "considerable progress" the bank achieved in restructuring in 2019. Fourth quarter results were encouraging, with operating and net earnings both rising from the same period in 2018 when exceptional items are removed. "We are therefore entering 2020 with confidence, with a more compact business model based on leadership positions in high added-value businesses and a presence in buoyant geographical regions," he said in an earnings statement. Societe Generale shares climbed 1.3 percent in early trading, with the blue-chip CAC 40 index in Paris rising 0.7 percent. bt/rl/bp
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  • Societe Generale profit slumps, abandons target
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