Understanding our 2015 Q1 results

Frédéric Oudéa's editorial

Societe Generale enjoyed a good first quarter in 2015. Our results testify to our ability to develop a profitable growth model adapted to the needs of our customers and the new regulatory constraints. Our revenues were underpinned by the commercial dynamism of all our businesses. In an environment that remains uncertain, the Group is therefore continuing with the determined and disciplined implementation of its strategic plan.

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Interview with Frédéric Oudéa

Chairman & CEO Frédéric Oudéa commented on the Group’s 2015 Q1 results in an interview he gave to EuroBusinessMedia (CEO-Direct).

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Expert Opinion

French growth: confidence is key

After a third consecutive year of virtual stagnation in 2014, with growth at just under 0.5%, the French economy can rely on several supportive factors going for it in 2015.

EXPLANATIONS OF BENOÎT HEITZ, CO-HEAD OF MACROECONOMIC AND COUNTRY RISK ANALYSIS

Strategy

Societe Generale strengthens its leadership in Africa and accelerates its growth

Our strategy in Africa aims to speed up the Group’s growth on the continent. The development plan draws on the region's strong potential for growth and for banking penetration, and on major commercial and operational synergies between the Group's core businesses.

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Innovation

Check out the new Societe Generale app!

It's been completely overhauled for and with customers. The new version of the app is more complete, faster, easier and just as secure as always. Watch the video for a sneak peak of the new version.

Watch the video (in French)

Citizenship

Strengthening our commitment to assist young people entering the job market

Societe Generale is combining its civic and patronage commitments to promote the integration of young people through sport and cultural activities.

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Glossary

APPLICATION OF THE NEW ACCOUNTING STANDARD AND NEW REGULATORY

TLAC: The TLAC “Total Loss Absorbency Capacity” is a ratio which contents will definitely be known in November 2015 at the latest, once the final rules are released by the Financial Stability Board. It will frame the minimum amount of regulatory capital and eligible debts to the ratio (long term debts mostly including strong subordination features) that each Global Systematically Important Bank will have to hold, thus making possible the exercise of the bail-in powers to recapitalize the firm in case of a possible entry into resolution.

IFRIC 21: Under IFRIC 21, which took effect on 1 January 2015, all taxes due must be recorded once the obligating event has occurred, whereas previously they could be spread out over the entire year.

Single Resolution Fund (SRF): The regulation governing the single resolution system for the euro zone calls for the establishment of a single resolution fund in the amount of 1% of all euro zone covered deposits within 9 years, for an estimated total of EUR55 billion. Societe Generale's contribution was pro-rated for the share of the bank's balance sheet (excluding shareholders' equity and covered deposits) relative to the total for all equivalent euro zone balance sheets.

All our previous Letters to Shareholders