SG, the first large French bank to report 2001 results, boosted its provisions against potential loan losses from Argentina and Enron as fourth-quarter profits dropped 22% year-on-year and annual profits fell 20%.

Risk provisions rose 40% on the year, and more than 70% quarter-on-quarter, on the back of the group's exposure to those two events. The group's net income in the fourth quarter of 2001 fell 22% to €442m ($385m) and net income for the full year dropped 20% to €2.2bn.