Societe Generale dropped its profitability target for this year, a day after peer BNP Paribas cut the same target, and said its fourth-quarter net profit fell.

France’s third-largest listed bank by assets said it now expects its return on tangible equity — a key measure of profitability — to improve this year. It had previously guided for a RoTE of between 9% and 10%, a fairly large jump from last year’s 6.2%.