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French lender Societe Generale reported a sharp decline in fourth-quarter net profit due to weaker net banking income. The bank’s group net income for the quarter was €430 million, slightly above analyst expectations. However, quarterly net banking revenue dropped 9.9% year on year to €5.96 billion, largely attributed to a decline in net interest income in French retail and its private banking and insurance division. Societe Generale also announced a €280 million share buyback program and proposed a cash dividend of 90 cents per share to shareholders. The bank aims to achieve revenue growth of 5% or above in 2024.

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