February 8, 2018 / 5:51 AM / 5 months ago

SocGen quarterly profit plunges although results tops expectations

PARIS, Feb 8 (Reuters) - French bank Societe Generale posted an 82 percent fall in quarterly net income, hit by tax-related charges and retail banking restructuring costs.

Net income fell to 69 million euros ($85 million) from 390 million a year earlier, but it exceeded market expectations for a 303 million loss, according to a Reuters poll of 6 analysts.

The bank said it was starting 2018 with confidence “in an economic and financial environment that should gradually be more favourable”.

Earlier this week, SocGen’s French rival BNP Paribas reported quarterly net profit that fell short of market forecasts although BNP Paribas slightly increased its 2020 profitability target.

$1 = 0.8147 euros Reporting by Maya Nikolaeva and Mattthieu Protard Editing by Leigh Thomas/Sudip Kar-Gupta

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