Societe Generale's fourth-quarter net profit fell by around two-fifths due to the negative impact of higher taxes and a unit sale, France's third largest bank by assets announced on Thursday.
However, the net profit figure of 390 million euros ($417 million) still came in ahead of analyst expectations of 354 million euros in a Reuters poll. Revenue also edged up by 1 percent to hit 6.13 billion euros. Shares rose 2.6 percent in early deals on Thursday.
The multinational bank, which provides a full array of investment and retail banking services, had taken a 235 million euro loss related to the sale of its fully-owned Croatian subsidiary OTP Bank during the reporting period.
On a brighter note, both its global banking and retail bank revealed a significant activity boost in the fourth quarter versus year ago. The former division, which includes investment banking, security services and asset management, saw net profit push 51 percent higher to 436 million euros while the latter business saw net profit lift by a quarter despite the ongoing strain of low interest rates.