Financial results Q1 2025

STRONG QUARTERLY RESULTS, AHEAD OF OUR 2025 TARGETS 

Quarterly revenues of EUR 7.1 billion, +6.6% vs. Q1 24 and +10.2% excluding asset disposals 
(vs. an annual target of more than +3%). Positive contribution from all businesses, driven by a strong rebound in French Retail Banking, a solid performance of Global Banking and Investor Solutions and a sustained activity in Mobility, International Retail Banking and Financial Services

Strict cost management with operating expenses down -4.4% vs. Q1 24, excluding asset disposals. Ahead of our 2025 target to reduce operating expenses by more than -1%, excluding asset disposals

Cost-to-income ratio at 65.0% in Q1 25, ahead of our 2025 target (<66%)

Low cost of risk at 23 basis points in Q1 25, below the 2025 target of 25 to 30 basis points. The amount of S1/S2 provisions remains high at EUR 3.1 billion (more than 2x 2024 cost of risk), and has been further increased

Group net income of EUR 1,608 million, x2.4 vs. Q1 24

Profitability (ROTE) at 11.0%, ahead of our 2025 target of more than 8%. Even if restated for net gains on asset disposals of around EUR 200 million and considering a quarterly linear distribution of taxes (IFRIC 21) for an amount of around EUR 300 million, the ROTE stands at 10.9%

SOLID CAPITAL AND LIQUIDITY PROFILE

CET1 ratio of 13.4%^[1] at end-Q1 25, around 320 basis points above the regulatory requirement

Liquidity Coverage Ratio at 140% at end-Q1 25

Provision for distribution of EUR 0.91^[2] per share, at end-March 2025

Completion of the 2024 share buy-back programme of EUR 872 million

ORDERLY EXECUTION OF ASSET DISPOSALS

Disposal of SGEF’s activities completed on 28 February 2025, except for those in the Czech Republic and Slovakia, representing a positive impact of around +30 basis points on the Group’s CET1 ratio in Q1 25

Disposals of Societe Generale Private Banking Suisse and SG Kleinwort Hambros completed on 31 January 2025 and 31 March 2025, for a total impact of around +10 basis points on the Group’s CET1 ratio

Slawomir Krupa, the Group’s Chief Executive Officer, commented: 
« We are releasing today a very good set of results. Our revenues have grown across all our businesses. Our costs and our cost-to-income ratio have decreased across all our businesses. Our first quarter results are above all our annual targets, putting us in a favourable position to achieve them, thanks to our disciplined execution and prudent and rigorous risk management. Since the presentation of our Strategic Plan, we have built a strong capital position, and we have delivered a steady and material increase in our performance. Our diversified and resilient model allows us to navigate efficiently in the current environment. This is the result of the precise execution of our strategy by fully focused and talented teams whom I warmly thank for their commitment. We measure how far we've come and how far we still have to go. We will therefore pursue our work with the same focus and discipline, confident in our ability to deliver our 2026 roadmap and beyond, a sustainable and profitable growth. »