Société Générale made a full-year net profit last year of €947 million despite a record fourth-quarter loss following a huge rogue trading scandal.
The €3.35 billion ($4.93 billion) fourth-quarter loss follows trading losses that SocGen disclosed last month - and meant profits were down 82 per cent compared with 2006.
An internal report conceded that better systems might have prevented the costly stock market gambles it blames on trader Jerome Kerviel.
Executive Chairman Daniel Bouton said the 144-year-old bank was determined to ride out the storm as an independent bank, despite reports of a potential bid from long-time suitor and arch-rival BNP Paribas.
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"I am completely determined to continue with our strategy because, even taking into account our very bad year in 2007 due to the financial crisis and this fraud, it's this strategy which creates and will create the most value for shareholders," Mr Bouton said in an interview.
"This is my opinion, and it's one that's backed by the board."
SocGen's fourth-quarter net loss compared with a €1.18 billion profit a year earlier and a fourth-quarter profit of €1 billion unveiled by rival BNP on Wednesday.
SocGen cut its 2007 dividend to €0.90 from €5.20 a year earlier.
SocGen shares, which slumped 6 per cent on Wednesday, were up 1.7 per cent at €67.72 in mid-morning trade. The bank has a current market capitalisation of around €32 billion.
To plug the trading losses and pay for a €2 billion write-down linked to the sub-prime crisis, SocGen has carried out a €5.5 billion rights issue. The new shares went on sale at a steep discount today.
SocGen said it would continue with a share buyback programme to counter the dilutive effects of the rights issue.
SocGen's board has stood by Mr Bouton, resisting political pressure to sack him over the trading scandal. Mr Bouton offered to resign but was asked to stay on.