Rising interest rates in 2022 bolstered Societe Generale's operations, but the French bank said Wednesday that its net profit was dragged lower by the exit from its businesses in Russia.
At 2.0 billion euros ($2.15 billion), net profits were only slightly more than a third of the record 5.6 billion earned in 2021, though revenues rose 8.8 percent to a record 28.1 billion euros.
"2022 marked a decisive stage for the group, which was able to deliver record underlying performances while adapting itself swiftly and efficiently to an uncertain and complex environment," chief executive Frederic Oudea said in a statement.
Without the three billion euros written off due to the exit from its Russian unit, Rosbank, after the Russian invasion of Ukraine triggered Western sanctions, Societe Generale would have posted a net profit similar to the record 2021 performance.
The bank's net profit nevertheless beat the analyst consensus of just under 1.5 billion euros compiled by FactSet.
Despite the drop in net profits, Societe Generale announced it would pay shareholders the equivalent of 2.25 euros per share.
Societe Generale's retail banking operations saw its revenue rise 4.1 percent last year to 8.8 billion euros, but profits dipped to 1.5 billion.
The financing and investment operations had a revenue increase of 14.3 percent to $10.8 billion, with profits jumping 20 percent to 2.4 billion.
Societe Generale's shares fell 2.1 percent in morning trading in Paris.