Published on 08/02/2024

Results at 31 December 2023


Revenues of EUR 25.1 billion, down by -7.6% vs. 2022
Reported cost-to-income ratio at 73.8%, stable operating expenses (+0.3% vs. 2022) at constant perimeter[1], transformation charges of around EUR 730 million in 2023
Low cost of risk at 17 basis points, high S1/S2 inventory at ~EUR 3.6 billion at end 2023
Group net income of EUR 2.5 billion, up +37% vs. 2022
Reported ROTE at 4.2%
CET 1 ratio of 13.1%[2] at end-2023, around 340 basis points above regulatory requirement
Liquidity Coverage Ratio at 160% at end-2023
Deposit base up by around +4% vs. 2022

Quarterly revenues of EUR 6.0 billion, down by -9.9% vs. Q4 22
Reported cost-to-income ratio at 78.3% at Q4 23, operating expenses down by -1.5% vs. Q4 22 at constant perimeter[1]
Low cost of risk of 24 basis points in Q4 23

Group net income of EUR 430 million, down -60% vs. Q4 22
Reported ROTE at 1.7%

Strong annual and quarterly performance for Global Banking & Investor Solutions, and International Retail Banking
Beginning of the rebound in net interest income for French retail during Q4 23, in a year marked by the negative impact of short-term hedges
Record annual and quarterly organic client acquisition at BoursoBank, 6 million clients reached in January 2024
Determination of LeasePlan’s purchase price allocation process leading notably to a EUR 220 million reduction in the amount of goodwill
Strengthened ESG commitments, notably through a 80% reduction in upstream Oil & Gas exposure by 2030 vs. 2019, the signature of new partnerships with the IFC and The Ocean Cleanup, and the setting of new NZBA alignment targets on 7 sectors

Proposed distribution[3] of around EUR 1 billion, equivalent to EUR 1.25 per share[4], i.e.:

  • a cash dividend of EUR 0.90 per share to be proposed to the General Meeting
  • a share buyback programme, of around EUR 280 million, equivalent to EUR 0.35 per share


Enhanced commercial performance, notably by the deployment of new relationship model and front office reorganisation in core franchises (implementation of the new operating model in the French networks, overhaul of the setup of Financing and Advisory activities and in-depth transformation of Ayvens)
Business portfolio management, notably with the finalisation of previously announced disposals (in addition to Congo and Chad subsidiaries already finalised)
Linear improvement of operational efficiency (around EUR 500 million in additional gross savings in 2024, with EUR 750-800 million in transformation costs)
Strong capital and liquidity ratios with limited organic RWA growth (<1% vs. 2023)
Disciplined risk management
Maintain pace in the deployment of our initiatives and strategic ambitions in ESG

Revenue growth at or above +5% vs. 2023[6]
Cost-to-income ratio less than 71% in 2024
Net cost of risk between 25 and 30 basis points in 2024
ROTE of more than 6% in 2024
CET1 ratio of around 13% at end-2024


Slawomir Krupa, the Group’s Chief Executive Officer, commented:
“2023 was a year of transition and transformation. The exceptional momentum of BoursoBank, the strength of our Global Banking and Investor Solutions franchises, the performance of our international banking activities across all regions, plus the capacity of our new bank in France and Ayvens to implement unprecedented transformations are all strong proof points on our ability to execute at a high level. At the same time, while 2023 was negatively affected by a sharp decrease in net interest income in French Retail Banking and the elevated cost of integrating LeasePlan, it was also characterised by disciplined management of costs, risks and capital.

Drawing on our new strategic and financial plan that was presented in September 2023, we are writing a new chapter in the history of the Group, which, for the last 160 years, has assisted millions of clients by way of responsible, long-term relationships. At their service day after day, we support their development and projects, and our contribution to their growth and to unlocking their potential is a source of pride for us.

Our ambition is to position Societe Generale among Europe’s top-tier, rock-solid and sustainable banks, and to create long-term value for all our stakeholders, including unequivocal commitment to supporting the United Nations’ Sustainable Development Goals.

We are entering 2024 with confidence and determination, a year that will see the meticulous execution of our strategic plan and an unwavering commitment to reach our financial targets, which will notably involve improved operational efficiency. We will provide precise, regular and transparent reports on our progress toward our announced 2026 objectives.”

[1] After restatement of operating expenses of Russia in 2022 (EUR 145m) and those of LeasePlan (EUR 617m in 2023 and ~EUR 280m in Q4 23)
[2] Phased-in ratio
[3] Consistent with distribution policy disclosed during Capital Markets Day applicable from 2023
[4] Based on the number of shares in circulation at 31 December 2023, subject to usual approvals from the General Meeting and the ECB
[5] Based on macro-economic assumptions detailed on slide 37 of the Group’s fourth quarter and full year results
NB: 2022 data in this document are restated in compliance with IFRS17 and IFRS9 for insurance entities
[6] Average annual revenue growth between 0% and 2% over 2022-2026
Asterisks* in the document refer to data at constant perimeter and exchange rate