On Wednesday, Societe Generale SA announced that during the fourth quarter of this year, it saw the net profit quadrupling as compared to the previous year mainly driven by its continued recovery from the economic downturn and that has been possible because of the retail banking side. Even its corporate investment side has seen a rebound and the bad loans are going down.
The French bank is the second biggest lender after BNP Paribas SA. SocGen has also confirmed that it has managed to achieve the target set by it and saw its net income at around EUR6 billion in 2012.
After former Societe Generale, Jerome Kerviel was convicted of breach of trust; it was likely that the bank would have to pay the price for the same.
However, Alberto Valenzuela, Deputy Chief Executive of Societe Generale Private Banking (Suisse) SA and global market manager for Latin America, has made it very clear that they did not happen to lose any clients due to the same.
The London branch of the Societe Generale bank of France has been fined with 1.575 million pounds as it failed to provide correct transaction reports of the bank accounts of its customers.
The Financial Services Authority (FSA) has said that the French bank Societe Generale had not submitted correct information for its 80% of transactions in last two years.
FSA has described this fault of the Societe Generale as a serious breach. On the other hand, the bank has said that it had already taken some necessary steps to correct the fault.