Understanding our 2015 Q2 results

Frédéric Oudéa's editorial

Societe Generale has produced very good results during the first half of 2015 due to the commercial dynamism of all the businesses. At the same time, our Group has continued to strengthen its balance sheet. We are therefore well positioned to capitalise on the economic recovery in Europe. All our Group’s businesses are in line with their targets, with the sole exception of Russia where the situation is gradually normalising.

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Results by business

Good second quarter and first semester in line with the strategic plan.

French Retail Banking
International Retail Banking & Financial Services
Global Banking & Investor Solutions

Interview with Frédéric Oudéa

CEO Frédéric Oudéa commented on the Group’s 2015 Q2 results in an interview he gave to EuroBusinessMedia (CEO-Direct).

Watch the interview

Expert opinion

The evolution of corporate financing

In the Eurozone, businesses* usually finance their debt through bank loans for the first two thirds of the amount and bond issues for the remaining third. It's the exact opposite in the United States, with two thirds of corporate debt financed through the markets.

Read the explanation of Clémentine Gallès, Head of Macro-Financial Studies

Strategy

Committed to entrepreneurs

Societe Generale's commitment to entrepreneurs means helping their companies grow and contributing to their long-term success. Leveraging its strong local presence and its committed teams, Societe Generale works side by side with entrepreneurs, assisting with day-to-day management and supporting them at key junctures.

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Innovation

The connected bank, partner of the 2015 "Futur en Seine" Festival

As the first and only bank to be a partner of “Futur en Seine”, Societe Generale had its own stand from 11 to 14 June at the largest digital festival in Europe. Each year, “Futur en Seine” showcases the latest French and international digital innovations for professionals and the general public alike.

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Awards

"Best Private Bank in Europe" – once again!

Societe Generale Private Banking has won another major award, receiving the title of “Outstanding Private Bank – Europe” from Private Banker International magazine. The award comes just after April's awards from WealthBriefing as a continued recognition of Societe Generale Private Banking's leadership in wealth management and of the professionalism of its teams.

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Sports sponsorship

Countdown to Rugby World Cup 2015

On 18 September, England will play Fiji in the inaugural match of the Rugby World Cup, of which Societe Generale is a Worldwide Partner. Are you ready to live and breathe rugby? Meet the people already getting ready for the event, get an inside view of the recent Group events, and test your knowledge with the first episodes of "Do you speak rugby?".

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Citizenship

"Citizen Commitment Time", an international solidarity relay event

“Citizen Commitment Time”, Societe Generale's main solidarity initiative, was held from April to the start of July. Overall, 109 events were organised in 38 of the countries where the Group is present, with more than 6,800 employees giving their time and energy to support different associations. They covered more than 88,000 kilometres in the sporting and solidarity challenges and more than €431,000 were raised in support of the Group's partner associations who use sports or cultural activities to promote the integration of people in difficulty.

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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