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SocGen's results disappoint

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SocGen's results disappoint

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Lacklustre results from France’s second-biggest bank Societe Generale.

The lender, which issued a profit warning last month, announced weak fourth-quarter figures.

Chief Executive Frederic Oudea said he is “confident of its ability to bounce back.”

Net profit for the year was 678 million euros, down by two thirds on the previous year.

In the last quarter it made 221 million euros, must less than in the third quarter.

It will pay out 250 million euros in bonuses.

Frederic Oudea said he will not be taking a bonus but rejected criticism of bonuses.

Just over half of those that are being paid to traders will be in the form of shares, handed out over the next three years.

In addition, if traders do not meet performance criteria they will not get the payments.

The bank’s shares ended the day seven percent lower.