Societe Generale Expects More Than $500 Million in Charges in 4Q

France's Societe Generale (GLE.FR) said Thursday it would take over $500 million in additional charges in the fourth quarter, more than half of which stem from U.S. tax reform.

The bank said it expects to book a charge of $307 million dollars in its fourth-quarter results due to the short-term accounting impact of the change in U.S. federal corporate tax rate and a valuation adjustment of deferred tax assets.

"From 2018, the decrease of the federal tax rate will have a favorable impact on the profitability of group operations in the U.S.," it added.

Societe Generale will also book a charge of around EUR200 million ($239.1 million) in fourth-quarter operating expenses, stemming from a audit by the French government of various operating taxes and from a Paris court judgment related to the processing of checks.

The bank said none of the charges would affect its dividend policy.

Write to Euan Conley at

(END) Dow Jones Newswires

January 11, 2018 12:42 ET (17:42 GMT)