Understanding our 2014 Q3 results
Our Group posted solid third quarter results thanks to the businesses’ good commercial performance, tightly controlled operating expenses and the decline in the cost of risk. The results of the asset quality review and stress tests carried out by the ECB confirm the solidity of our balance sheet and the pertinence of our universal banking model. The transformation undertaken for three years has paid off and the Group can confidently pursue the implementation of its strategic plan.
2014 Q3 key figures
EUR 5.9bn (-1.8%* vs. Q3 13)
Net banking income
58 basis points (-11bp vs. Q3 13)
Commercial cost of risk: sharp decline and already in line with medium-term targets
* Excluding non-economic items
EUR 836m (vs. EUR 534m in Q3 13)
Substantial increase in Group net income
Basel 3 Common Equity Tier 1 ratio of 10.4%
Increase in the ratio
Results by business
Solid results and balance sheet
On the 26th October the ECB published the results of the Assets Quality Review and the Stress Tests of the most important banks in Europe. This analysis of the banks' balance sheets is a requirement for joining the Single Supervisory Mechanism, which became operational on the 4th November 2014.
For 150 years, innovation in the service of our clients has been part of Societe Generale's DNA. The Digital For All programme and Microsoft agreement (signed on the 23rd September) will help the Group take another step forward in building the bank of tomorrow.
Societe Generale reaffirms its commitment both to supporting the development of SMEs and its involvement in collective efforts to stimulate the French and European economies.
The Group was one of the first banks to offer its customers solidarity-based financial products. Now it is actively seeking to respond to its customers' growing interest in collective initiatives.
The "Grands Prix de la Transparence" assess the regulatory information of companies listed on the SBF 120 index according to four key criteria: accessibility, precision, comparability and availability.