Q4 net income falls 35 but above expectations
Plans 440 millioneuro share buyback
Krupa to take over as CEO in May

PARIS, Feb 8 Reuters Societe Generale, France39;s third biggest bank, posted a higherthanexpected profit in the fourth quarter, driven by a strong performance of its corporate and investment banking division as it set aside more money for failing loans.

The reported group net income for the three months ending in December came at 1.16 billion euros 1.24 billion, beating the analyst consensus of 834 million euros provided by Visible Alpha.

SocGen39;s quarterly net income was however 35 lower than the same period a year ago, as the bank39;s hiked provisions for failing loans, which increased by close to fivehold to 413 millions in an uncertain economic environment.

Group revenues were up by 4 to 6.89 billion euros in the fourth quarter, also beating the Visible Alpha consensus.

Like its bigger French rival BNP Paribas, SocGen is enjoying higher revenues from debt and trading in volatile markets. Quarterly sales in this business jumped 56.

SocGen is seeking to revive its stock valuation after years of restructurings and lackluster performance marked last year by its painful exit from Russia, where it had to take a 3 billioneuros writeoff for the sale its Rosbank unit after the invasion of Ukraine.

Incoming CEO Slawomir Krupa, who will replace Frederic Oudea in May, will notably oversee the merger of networks between Societe Generale39;s two domestic…