Published on 03/05/2024

Financial results Q1 2024


Quarterly revenues of EUR 6.6 billion, stable vs. Q1 23 (-0.4%), driven by very good performances of Global Banking and Investor Solutions, Private Banking and International Retail Banking, an increase in revenues and net interest income in France compared with Q4 23, despite a shift from sight deposits to remunerated savings, and a stabilisation of margins as well as the normalisation of used car sales’ results at Ayvens

Cost-to-income ratio at 74.9% in Q1 24, operating expenses down -1.5% vs. Q1 23, transformation charges of around EUR 350 million 
Cost of risk at 27 basis points in Q1 24, provision outstanding on performing loans of EUR 3.3[1] billion 
Group net income of EUR 680 million 
Reported ROTE at 4.1%

CET 1 ratio of 13.2%[2] at end-Q1 24, around 300 basis points above the regulatory requirement 
Liquidity Coverage Ratio at 159% at end-Q1 24 
Provision for distribution of EUR 0.32[3] per share, at end-March 2024 
Launch after the AGM of the 2023 share buy-back programme of around EUR 280 million

Agreements for the disposals of Societe Generale Equipment Finance[4], Société Générale Marocaine de Banques and La Marocaine Vie[5]

Streamlining project of the French head office to simplify its operations and structurally improve its operating efficiency

Launch of Bernstein, a new leader in research and cash equities, allowing the Group to offer its clients a wide range of international services on the whole equity value chain

Slawomir Krupa, the Group’s Chief Executive Officer, commented
“We are progressing in the execution of our strategic plan. Our operating performance improved thanks to a strong contribution from Global Banking and Investor Solutions and solid revenues from International Retail Banking. The rebound of retail banking in France is underway with an increase in the net interest income compared to last quarter, despite an increase in deposit beta in the French market. Similarly, the stabilisation of Ayvens’s margins has already begun, in a context of normalisation of used car sales prices. Costs are under control, in line with the trajectory presented at our Capital Markets Day. Our capital position is stronger. In terms of strategic initiatives, we launched the Bernstein joint venture, creating a new leader in research and cash equity and we announced the planned disposals of Societe Generale Equipment Finance and subsidiaries in Morocco. These first positive results demonstrate the mobilisation of all the teams to shape a more synergetic and efficient model, a source of sustainable profitability.”

[1] Excluding SG Equipment Finance, SG Marocaine de Banques and La Marocaine Vie in application of IFRS 5 accounting norm  
[2] Phased-in ratio, proforma including Q1 24 results  
[3] Based on a pay-out ratio of 50% of the Group net income, at the high-end of the 40%-50% payout ratio, as per regulation, restated from non-cash items and after deduction of interest on deeply subordinated notes and undated subordinated notes  
[4] As announced in the press release dated 11 April 2024  
[5] As announced in the press release dated 12 April 2024