PARIS, Feb 6 (Reuters) - Societe Generale, France’s third-biggest bank, boosted its capital following asset sales in 2019 and said on Thursday that it would introduce a new shareholder remuneration policy in 2020 that would include a possibility of share-buybacks.
SocGen guided that its profitability would improve in 2020, but it fell short of mentioning its earlier return on tangible equity guidance of 9% to 10% (ROTE) in its press release. Its ROTE in 2019 stood at 6.2%.
SocGen’s revenue rose 4.8% in the fourth quarter to 6.21 billion euros ($6.8 billion), while net income declined 4.6% to 654 million euros.
Its common equity tier one ratio - a key measure of financial health - rose to 12.7% at end-Dec from 12.5% at end-September.
$1 = 0.9094 euros Reporting by Maya Nikolaeva; Editing by Sudip Kar-Gupta