Societe Generale Q4 profit misses estimates as investment-bank earnings slump

Paris

SOCIETE Generale SA, France's second largest bank by market value, posted fourth-quarter profit that missed analysts' estimates as earnings at the investment bank fell and it set aside provisions for potential legal costs.

Net income rose to 656 million euros (S$1 billion) from 549 million euros a year earlier, the Paris-based company said on Thursday. Earnings fell short of the 944 million euro average estimate of four analysts surveyed by Bloomberg, as a 400 million euro litigation charge offset a gain from the sale of a stake in asset manager Amundi SA.