Published on 08/02/2023

4th quarter and full-year 2022 results

Record revenues up by +9.3%(1) vs. 2021, driven by historical highs in Financing & Advisory, Global Markets and ALD, sharp growth in Private Banking and International Retail Banking, and a solid performance by French Retail Banking 
Strong improvement in the cost to income ratio to 61.0%(1) (vs. 64.4%(1) in 2021), excluding contribution to the Single Resolution Fund 
Cost of risk at 28 basis points, with a low level of defaults at 17 basis points and continued prudent provisioning resulting in provisions on performing loans of EUR 3.8bn at end-December 2022 
Underlying Group net income of EUR 5.6bn(1)(EUR 2.0bn on a reported basis including the impact of the disposal of Rosbank and its Russian subsidiaries), underlying profitability of 9.6%(1) (ROTE)

In Q4 22, underlying gross operating income came to EUR 2.2bn(1) +14.9% vs. Q4 21 
Underlying Group net income at EUR 1.1bn(1) (EUR 1.2bn on a reported basis), underlying profitability at 7.6%(1) 
CET 1 ratio of 13.5%(2) at end-2022, around 420 basis points above the regulatory requirement

Distribution of EUR 1.8bn, equivalent to EUR 2.25 per share(3) (4), i.e.: 

  • a cash dividend of EUR 1.70 per share to be proposed at the General Meeting
  • a share buyback programme, of approximately EUR 440m, equivalent to around EUR 0.55 per share

2025: financial targets confirmed, notably a cost to income ratio below 62%, expected profitability of 10% (ROTE) based on a CET1 ratio target of 12% post Basel IV 
2023: a transition year, with the negative impacts related to the end of the TLTRO benefit and to the specific functioning of the French retail banking market 
Underlying cost to income ratio (1), excluding contribution to the Single Resolution Fund, expected at between 66% and 68% 
Cost of risk is expected at between 30 and 35 basis points

Decisive milestones achieved in the merger of the retail banking networks in France, resulting in the legal merger - on schedule - of the Societe Generale and Crédit du Nord networks on 1 January 2023 and the launch of a new retail bank in France 
Accelerated development of Boursorama, with record annual new client growth of 1.4 million, taking the total number of clients to 4.7 million at end-2022 
Plans on track to create global leaders in sustainable mobility and equities with the acquisition of LeasePlan by ALD and the creation of the Bernstein joint venture 
Rapid and successful adaptation amid a complex and uncertain environment, particularly as regards the Rosbank disposal, which had limited capital impact 
Upscaled ESG actions and commitments by the Group, notably by integrating ESG considerations across all Group activities and a reinforcement of our decarbonisation ambitions 
Ongoing rollout of digital transformation initiatives and operational efficiency improvement actions

Fréderic Oudéa, the Group’s Chief Executive Officer, commented
“2022 marked a decisive stage for the Group, which was able to deliver record underlying performances while adapting itself swiftly and efficiently to an uncertain and complex environment. Throughout the year, the Group made major strategic progress that has unlocked value. We launched the new SG retail bank resulting from the merger of our networks in France and pushed further ahead at Boursorama. The planned acquisition of LeasePlan by ALD in the mobility sector and the planned Bernstein joint venture deal for our Equities business will create global leaders. We also defined the Group’s new CSR ambitions with the aim of supporting our clients in responsible energy transition. Building on the commercial momentum of the businesses and the strength of the balance sheet, the Group is confident of being able to reap the benefit of ongoing projects and business developments, confirms its financial guidance for 2025, and is embarking with determination on 2023, a year of transition in many respects.”

(1) Underlying data (see methodology note No. 5 for the transition from accounting data to underlying data), (2) Phased-in ratio (fully-loaded ratio of 13.3%), (3) Based on the number of shares in circulation at 31/12/2022, (4) Subject to usual approvals from the General Meeting and the ECB