France’s SocGen Quadruples Profit

Societe General, France’s third-largest listed bank, reported a near quadrupling of fourth-quarter profit on lower pandemic-related charges and a rebound in retail banking and equity trading.

The bank’s quarterly net income jumped to 1.79 billion euros ($2.05 billion) from 470 million euros a year ago, with a cost of risk, reflecting provisions against bad loans, down by 87.5%.