Societe Generale SA said it will launch a buyback in the last quarter of the year and improved its guidance for provisions after it swung to a second-quarter profit.
France's third-largest listed bank by assets said Tuesday that it now expects a cost of risk of between 20 and 25 basis points for the year, having previously guided for a range of 30 to 35 basis points. It also anticipates all its business posting higher revenue. The bank confirmed it will launch a 470 million euro buyback in the last quarter.
The bank posted quarterly net profit of EUR1.44 billion. This compares with a EUR1.26 billion loss a year earlier, when provisions for bad loans and impairments hit results.Write to Pietro Lombardi at pietro.lombardi@wsj.com; @pietrolombard10
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