Societe Generale posted its full-year net profit of 3.9 billion euros ($ 4.43 billion) for the final quarter of 2018.

The bank’s full-year performance came in line with the average forecast of 3.85 billion euros. This is a 37 percent increase from its 2017 full-year profits that stood at 2.8 billion euros.

The French lender’s fourth-quarter net profit jumped nine-fold to 624 million.

In comparison, in the last quarter of 2017, the bank saw a net income of 69 million euros.

Here are other key details:

  • Net banking income stood at 5.9 billion euros in the fourth quarter of 2018 compared to 6.3 billion euros a year ago.
  • Net cost of risk stood at 363 million euros in the fourth quarter of 2018 from 469 million euros a year earlier.

Fréderic Oudéa, the Group’s Chief Executive Officer, said in a statement: “We will be even more selective in our capital allocation, prioritizing the Group’s areas of excellence. Moreover, in a more uncertain economic environment, we will continue to work on our operating efficiency with an additional plan to reduce costs in Global Banking & Investor Solutions and we are further prioritizing cost control.”

Revised 2020 targets

The French bank has updated its 2020 targets. It now expects return on tangible equity between 9 and 10 percent for the group and between 11.5 and 12.5 percent for its French retail division.

In International retail banking the target rose to between 17 and 18 percent. Meanwhile, in the global banking the target range now stands between 11.5 and 12.5 percent.