French banking group Societe Generale reported full-year earnings on Wednesday which failed to meet market expectations but came in three times higher than the previous year.
Net profit for 2013 came in at 2.17 billion euros ($2.96 billion), compared to a consensus estimate in a Reuters poll of 2.25 billion euros. This compared to profits for 2012 which came in at 790 million euros. Speaking to CNBC, Severin Cabannes, the deputy CEO at Societe Generale called the results "solid" and was pleased that all the core parts of the business had contributed to the performance.
A good performance in French retail banking, improved revenues of its Russian activities and "buoyant" results it its financial services for corporations business were the three main pillars of its success, according to Wednesday's press release.