Source: GlobeNewswire (MIL-OSI)
RESULTS AT 31 DECEMBER 2024
Press release
Paris, 6 February 2025
2024 RESULTS ABOVE ALL GROUP TARGETS
GROUP NET INCOME OF EUR 4.2 BILLION, +69% vs. 2023
Annual revenues of EUR 26.8 billion, up by +6.7% vs. 2023, above the ≥+5% target set for 2024, driven in particular by the strong rebound in net interest income in France and by an excellent performance in Global Banking and Investor Solutions with revenues above EUR 10 billion
Cost-to-income ratio of 69.0%, below the target of <71% set for 2024, thanks to tight control of costs, which are stable vs. 2023
Cost of risk at 26 basis points, at the lower end of the 2024 guidance range
Profitability (ROTE) of 6.9%, above the target of >6% expected for 2024
CET1 ratio of 13.3% at end-2024, around 310 basis points above regulatory requirement
+75% INCREASE IN DISTRIBUTION TO SHAREHOLDERS VS. 2023
Proposed distribution of EUR 1,740 million1, equivalent to EUR 2.18 per share1, composed of:
- a cash dividend of EUR 1.09 per share to be proposed to the General Meeting
- a share buyback programme of EUR 872 million, equivalent to EUR 1.09 per share1. ECB approval has been obtained to launch the programme, due to start on 10 February 2025
- Increase of the payout ratio to 50% of net income2
2025 FINANCIAL TARGETS, STRONG CAPITAL, EXECUTION DISCIPLINE
Revenue growth of more than +3%3 vs. 2024
Decrease in costs above -1%3 vs. 2024
Improvement of the cost-to-income ratio, less than 66% in 2025
Cost of risk between 25 and 30 basis points in 2025
Increase of the ROTE, more than 8% in 2025
CET1 ratio above 13% post Basel IV throughout the year 2025
With a solid CET1 ratio ahead of the capital trajectory, we are proposing to improve the distribution policy with:
- an overall distribution payout ratio of 50% of net income2
- a balanced distribution between cash dividends and share buybacks
Slawomir Krupa, the Group’s Chief Executive Officer, commented:
“In 2024, our performance improves materially. All our targets are exceeded and ahead of plan. Strong capital build-up, strong and sustainable business growth, strong cost control and risk management, and a material progress in our integration projects led to the doubling of the earnings per share. Against this strong backdrop, we are improving both the 2024 distribution and our distribution policy. I would like to thank the entire Societe Generale team for their dedication and remarkable commitment, every single day, to serving our clients and our Bank.
We will continue to focus in 2025 on the relentless execution of our strategy, improving our performance even further.”
- GROUP CONSOLIDATED RESULTS
| In EURm |
Q4 24 |
Q4 23 |
Change |
2024 |
2023 |
Change |
| Net banking income |
6,621 |
5,957 |
+11.1% |
+12.5%* |
26,788 |
25,104 |
+6.7% |
+5.7%* |
| Operating expenses |
(4,595) |
(4,666) |
-1.5% |
-0.7%* |
(18,472) |
(18,524) |
-0.3% |
-1.6%* |
| Gross operating income |
2,026 |
1,291 |
+57.0% |
+61.3%* |
8,316 |
6,580 |
+26.4% |
+26.6%* |
| Net cost of risk |
(338) |
(361) |
-6.4% |
-4.9%* |
(1,530) |
(1,025) |
+49.3% |
+48.6%* |
| Operating income |
1,688 |
930 |
+81.6% |
+87.4%* |
6,786 |
5,555 |
+22.2% |
+22.5%* |
| Net income/expense from other assets |
(11) |
(21) |
+48.9% |
+45.2%* |
(77) |
(113) |
+31.4% |
+26.3%* |
| Income tax |
(413) |
(302) |
+36.6% |
+40.5%* |
(1,601) |
(1,679) |
-4.7% |
-4.9%* |
| Net income |
1,273 |
612 |
x 2.1 |
x 2.1* |
5,129 |
3,449 |
+48.7% |
+49.6%* |
| O.w. non-controlling interests |
233 |
183 |
+27.0% |
+33.6%* |
929 |
957 |
-3.0% |
-9.3%* |
| Group net income |
1,041 |
429 |
x 2.4 |
x 2.5* |
4,200 |
2,492 |
+68.6% |
+73.2%* |
| ROE |
5.8% |
1.5% |
|
|
6.1% |
3.1% |
+0.0% |
+0.0%* |
| ROTE |
6.6% |
1.7% |
|
|
6.9% |
4.2% |
+0.0% |
+0.0%* |
| Cost to income |
69.4% |
78.3% |
|
|
69.0% |
73.8% |
+0.0% |
+0.0%* |
Asterisks* in the document refer to data at constant perimeter and exchange rates
The Board of Directors of Societe Generale, which met on 5 February 2025 under the chairmanship of Lorenzo Bini Smaghi, examined the Societe Generale Group’s results for Q4 24 and endorsed the 2024 financial statements.
Net banking income
Net banking income stood at EUR 6.6 billion, up by +11.1% vs. Q4 23.
Revenues of French Retail, Private Banking and Insurance were up by +15.5% vs. Q4 23 and totalled EUR 2.3 billion in Q4 24. Net interest income increased in Q4 24 (+36% vs. Q4 23), in line with the latest estimates. Assets under management in Private Banking and Insurance increased by +7% each in Q4 24 vs. Q4 23. Lastly, BoursoBank showed strong growth momentum with more than 460,000 new clients in the quarter, allowing to reach a client base of 7.2 million clients at end-December 2024, above the target of 7 million clients set for end-2024. In addition, BoursoBank posted a positive contribution to Group net income in 2024 for the second year in a row.
Global Banking and Investor Solutions registered a +12.4% increase in revenues relative to Q4 23. Revenues amounted to EUR 2.5 billion for the quarter, driven by strong momentum across all businesses. Global Markets grew by 9.8% in Q4 24 vs. Q4 23. Revenues from the Equities business were up by +10%, reaching a record level for a fourth quarter. They were driven by favourable market conditions, particularly after the result of the presidential elections in the United States. Fixed Income and Currencies were up by +9% owing to solid commercial activity in financing and intermediation across all asset classes. In Financing and Advisory, solid commercial momentum was recorded in structured finance and the performance of M&A and advisory continued to rebound. Likewise, Global Transaction & Payment Services posted a +26% increase in revenues vs. Q4 23, driven by a sustained commercial development across all businesses, particularly in correspondent banking.
Mobility, International Retail Banking and Financial Services’ revenues were up by +2.0% vs. Q4 23, mainly due to an increase in margins at Ayvens. International Retail Banking recorded a -3.6% fall in revenues vs. Q4 23 at EUR 1.0 billion, due to a scope effect related to the asset disposals finalised in Africa (Morocco, Chad, Congo, Madagascar). Revenues were up +3.4% at constant perimeter and exchange rates. Revenues from Mobility and Financial Services were up by +8.3% vs. Q4 23 mainly due to non-recuring items in Q4 23 and improved margins at Ayvens.
The Corporate Centre recorded revenues of EUR -159 million in Q4 24.
Over 2024, net banking income increased by +6.7% vs. 2023.
Operating expenses
Operating expenses came out to EUR 4,595 million in Q4 24, down by -1.5% vs. Q4 23.
They include a scope effect of around EUR 46 million related to the integration of Bernstein’s cash equity operations and a decrease in transformation costs of EUR 26 million. Excluding these items, operating expenses were down by nearly -2% in Q4 24 vs. Q4-23 owing to the effect of the cost saving measures implemented across all business lines.
The cost-to-income ratio stood at 69.4% in Q4 24, significantly lower than in Q4 23 (78.3%).
Over 2024, operating expenses remained relatively stable (-0.3% vs. 2023), thanks from rigorous cost management. The cost-to-income ratio stood at 69.0% (vs. 73.8% in 2023), a level below the target of 71% for 2024.
Cost of risk
The cost of risk fell to 23 basis points over the quarter (or EUR 338 million). This includes a EUR 386 million provision for non-performing loans (around 26 basis points) and a reversal of a provision on performing loans for EUR -48 million.
At end-December, the Group’s provisions on performing loans amounted to EUR 3,119 million, stable relative to 30 September 2024. The EUR -453 million contraction relative to 31 December 2023 is mainly owing to the application of IFRS 5.
The gross non-performing loan ratio stood at 2.81%4,5 at 31 December 2024, significantly down vs. end of September 2024 (2.95%). The net coverage ratio on the Group’s non-performing loans stood at 81%6 at 31 December 2024 (after taking into account guarantees and collateral).
Net profits from other assets
The Group recorded a net loss of EUR -11 million in Q4 24, mainly related to the accounting impacts of finalised asset sales, such as the disposals of our activities in Morocco and Madagascar.
Group net income
Group net income stood at EUR 1,041 million for the quarter, equating to a Return on Tangible Equity (ROTE) of 6.6%.
Over the year, Group net income stood at EUR 4,200 million, equating to a Return on Tangible Equity (ROTE) of 6.9%.
Shareholder distribution
The Board of Directors approved the distribution policy for the 2024 fiscal year, aiming to distribute EUR 2.18 per share, equivalent to EUR 1,740 million, of which EUR 872 million in share buyback7. A cash dividend of EUR 1.09 per share will be proposed at the General Meeting of Shareholders on 20 May 2025. The dividend will be detached on 26 May 2025 and paid out on 28 May 2025.
- AN ESTABLISHED ESG STRATEGY FROM WHICH TO STEP FORWARD
In 2024, Societe Generale accelerated the execution of its ESG roadmap, particularly with respect to the contribution to the environmental transition:
- The Group now covers ~70% of companies’8 financed emissions, with 10 alignment targets for the carbon-intensive sectors. It has already reduced its oil and gas upstream exposure by more than 50% since the end of 20199
- In Q2 24 and ahead of schedule, the Group reached its target of EUR 300 billion for sustainable finance planned for the period 2022-2025. A new target of EUR 500 billion, complementing the work carried out as part of the portfolio alignment, was announced for the period 2024-2030. This will help increase the orientation of financial flows towards decarbonization activities.
The Group has broadened the scope of actions to prepare for a sustainable future by supporting new players and new technologies:
- The EUR 1 billion investment for the transition, announced during the Capital Markets Day, has entered its operationalization phase
- A new partnership with the EIB to unlock up to EUR 8 billion in the wind industry supply chain in Europe was signed in Q4 24.
At the same time, ESG risk management continues to be strengthened, enhancing forward-looking assessments of environmental risk materiality and further integrating environmental, social and governance risks into the risk framework.
Lastly, the Group is moving forward with its ambitions as a responsible employer: at the end of 2024, the “Group Leaders Circle” (Top 250) had ~30% women executives10 and ~30% international members. As announced during the Capital Markets Day, the EUR 100 million envelope commitment to reduce the gender pay gap was launched in 2023.
- THE GROUP’S FINANCIAL STRUCTURE
At 31 December 2024, the Group’s Common Equity Tier 1 ratio stood at 13.3%11, around 310 basis points above the regulatory requirement. Likewise, the Liquidity Coverage Ratio (LCR) was well ahead of regulatory requirements at 156% at end-December 2024 (145% on average for the quarter), and the Net Stable Funding Ratio (NSFR) stood at 117% at end-December 2024.
All liquidity and solvency ratios are well above the regulatory requirements.
| |
31/12/2024 |
31/12/2023 |
Requirements |
| CET1(1) |
13.3% |
13.1% |
10.24% |
| Fully-loaded CET1 |
13.3% |
13.1% |
10.24% |
| Tier 1 ratio (1) |
16.1% |
15.6% |
12.17% |
| Total Capital(1) |
18.9% |
18.2% |
14.73% |
| Leverage ratio(1) |
4.34% |
4.25% |
3.60% |
| TLAC (% RWA)(1) |
29.7% |
31.9% |
22.31% |
| TLAC (% leverage)(1) |
8.0% |
8.7% |
6.75% |
| MREL (% RWA)(1) |
34.2% |
33.7% |
27.58% |
| MREL (% leverage)(1) |
9.2% |
9.2% |
6.23% |
| End of period LCR |
156% |
160% |
>100% |
| Period average LCR |
145% |
155% |
>100% |
| NSFR |
117% |
119% |
>100% |
| In EURbn |
31/12/2024 |
31/12/2023 |
| Total consolidated balance sheet |
1,574 |
1,554 |
| Shareholders’ equity (IFRS), Group share |
70 |
66 |
| Risk-weighted assets |
390 |
389 |
| O.w. credit risk |
327 |
326 |
| Total funded balance sheet |
952 |
970 |
| Customer loans |
463 |
497 |
| Customer deposits |
614 |
618 |
At 31 December 2024, the parent company had issued EUR 43.2 billion in medium/long-term debt under its 2024 funding program. The subsidiaries had issued EUR 4.7 billion. In all, the Group has issued a total of EUR 47.9 billion.
At 10 January 2025, the parent company 2025 funding program was executed at 47% for vanilla notes.
The Group is rated by four rating agencies: (i) FitchRatings – long-term rating “A-”, stable outlook, senior preferred debt rating “A”, short-term rating “F1”; (ii) Moody’s – long-term rating (senior preferred debt) “A1”, negative outlook, short-term rating “P-1”; (iii) R&I – long-term rating (senior preferred debt) “A”, stable outlook; and (iv) S&P Global Ratings – long-term rating (senior preferred debt) “A”, stable outlook, short-term rating “A-1”.
- FRENCH RETAIL, PRIVATE BANKING AND INSURANCE
| In EURm |
Q4 24 |
Q4 23 |
Change |
2024 |
2023 |
Change |
| Net banking income |
2,267 |
1,963 |
+15.5% |
8,657 |
8,053 |
+7.5% |
| Of which net interest income |
1,091 |
801 |
+36.2% |
3,868 |
3,199 |
+20.9% |
| Of which fees |
1,028 |
948 |
+8.5% |
4,108 |
3,975 |
+3.3% |
| Operating expenses |
(1,672) |
(1,683) |
-0.7% |
(6,634) |
(6,756) |
-1.8% |
| Gross operating income |
596 |
280 |
x 2.1 |
2,024 |
1,297 |
+56.0% |
| Net cost of risk |
(115) |
(163) |
-29.6% |
(712) |
(505) |
+41.0% |
| Operating income |
481 |
118 |
x 4.1 |
1,312 |
792 |
+65.6% |
| Net profits or losses from other assets |
(2) |
5 |
n/s |
6 |
9 |
-35.1% |
| Group net income |
360 |
90 |
x 4.0 |
991 |
596 |
+66.2% |
| RONE |
9.1% |
2.3% |
|
6.3% |
3.9% |
|
| Cost to income |
73.7% |
85.7% |
|
76.6% |
83.9% |
|
Commercial activity
SG Network, Private Banking and Insurance
The SG Network’s average outstanding deposits amounted to EUR 232 billion in Q4 24, down by -1% on Q4 23, with strong shift of inflows into investment products and savings life insurance.
The SG Network’s average loan outstandings contracted by -4% vs. Q4 23 to EUR 194 billion, but -2.5% excluding PGE (state guaranteed loans). Outstanding loans to corporate and professional clients grew vs. Q3 24 excluding state guaranteed PGE loans, and individual clients lending experienced an increased commercial momentum.
The average loan to deposit ratio came to 83.6% in Q4 24, down by 2.6 percentage points relative to Q4 23.
Private Banking activities saw their assets under management12 maintain a record level of EUR 154 billion in Q4 24, up by +7% vs. Q4 23. Net gathering stood at EUR 6.3 billion in 2024, the annual net asset gathering pace (net new money divided by AuM) being at +4% in 2024. Net banking income came to EUR 348 million over the quarter, a decrease of -2% vs. Q4 23. It stands at EUR 1,469 million for 2024, unchanged from 2023.
Insurance, which covers activities in and outside France, posted a very strong commercial performance. Life insurance outstandings increased sharply by +7% vs. Q4 23 to reach a record EUR 146 billion at end-December 2024. The share of unit-linked products remained high at 40%. Savings Life insurance gross inflows amounted to EUR 3.4 billion in Q4 24, and EUR 18.3 billion for 2024, up by +42% vs. 2023.
Personal protection and P&C premia were up by +3% vs. Q4 23 (+5% at constant perimeter).
BoursoBank
BoursoBank’s growth momentum continued with more than 460K new clients in the fourth quarter of 2024. BoursoBank reached almost 7.2 million clients in December 2024, above 2024 target.
Thanks notably to its comprehensive banking offer and recognized among the “Digital Leaders”13, the Bank has a low attrition rate (~3% in 2024), still down vs. 2023.
BoursoBank continued its profitable growth trajectory in 2024 with a cost per client down by -17.0% vs. 2023 with an expanding client base, more than 1.3 million net clients over 12 months (+22.4% vs. 2023).
Loans outstanding improved by +5.4% relative to Q4 23, at EUR 16 billion in Q4 24.
Average outstanding in savings including deposits and financial savings were +15.5% higher vs. Q4 23 at EUR 64 billion. Deposits outstanding totalled EUR 39 billion in Q4 24, posting another strong increase of +15.4% vs. Q4 23, driven by interest-bearing savings. Average life insurance outstandings, at EUR 13 billion in Q4 24, rose by +10.2% vs. Q4 23 (o/w 48% in unit-lined products, +3.8 percentage points vs. Q4 23). The activity continued to register strong gross inflows over the quarter (+50.4% vs. Q4 23, 65% unit-linked products).
For the second year in a row, BoursoBank recorded a positive contribution to Group net income in 2024.
At end of 2025, BoursoBank aims to exceed 8 million clients.
Net banking income
Over the quarter, revenues amounted to EUR 2,267 million (including PEL/CEL provision), up by +15% compared with Q4 23 and up by +1% compared with Q3 24. Net interest income grew by +36% vs. Q4 23 and +3% vs. Q3 24. Fee income rose by +9% relative to Q4 23.
Over the year, revenues reached EUR 8,657 million, up by +8% compared with 2023 (including PEL/CEL provision). Net interest income was up by +21% vs. 2023. Fees increased by +3% relative to 2023.
Operating expenses
Over the quarter, operating expenses came to EUR 1,672 million, down -1% compared to Q4 23. The cost-to-income ratio reached 73.7% in Q4 24 and improved by 12 percentage points vs. Q4 23.
Over the year, operating expenses totalled EUR 6,634 million, decreasing by -2% vs. 2023. The cost-to-income ratio stood at 76.6% and improved by 7.3 percentage points compared with 2023.
Cost of risk
Over the quarter, the cost of risk amounted to EUR 115 million, or 20 basis points, down compared with Q3 24 (30 basis points).
Over the year, the cost of risk totalled EUR 712 million, or 30 basis points.
Group net income
Over the quarter, Group net income totalled EUR 360 million. RONE stood at 9.1% in Q4 24.
Over the year, Group net income totalled EUR 991 million. RONE stood at 6.3% for the year.
- GLOBAL BANKING AND INVESTOR SOLUTIONS
| In EURm |
Q4 24 |
Q4 23 |
Change |
2024 |
2023 |
Change |
| Net banking income |
2,457 |
2,185 |
+12.4% |
+11.6%* |
10,122 |
9,642 |
+5.0% |
+4.8%* |
| Operating expenses |
(1,644) |
(1,601) |
+2.7% |
+2.0%* |
(6,542) |
(6,788) |
-3.6% |
-3.7%* |
| Gross operating income |
812 |
584 |
+39.0% |
+37.9%* |
3,580 |
2,854 |
+25.4% |
+25.0%* |
| Net cost of risk |
(97) |
(38) |
x 2.5 |
x 2.5* |
(126) |
(30) |
x 4.2 |
x 4.3* |
| Operating income |
715 |
546 |
+31.0% |
+30.1%* |
3,455 |
2,824 |
+22.3% |
+21.9%* |
| Group net income |
627 |
467 |
+34.4% |
+33.0%* |
2,788 |
2,280 |
+22.2% |
+21.7%* |
| RONE |
16.6% |
12.2% |
+0.0% |
+0.0%* |
18.4% |
14.8% |
+0.0% |
+0.0%* |
| Cost to income |
66.9% |
73.3% |
+0.0% |
+0.0%* |
64.6% |
70.4% |
+0.0% |
+0.0%* |
Net banking income
Global Banking & Investor Solutions delivered an excellent fourth quarter, with revenues up by +12.4% compared with Q4 23, at EUR 2,457 million.
Over 2024, revenues reached a record14 level of EUR 10,122 million, up by +5.0% vs. FY23, owing to excellent momentum across all business lines.
Global Markets and Investor Services recorded a sharp rise in revenues over the quarter vs Q4 23 of +9.8% to EUR 1,493 million. Over 2024, they totalled EUR 6,557 million, up by +4.5% vs. FY 2023. This growth is the result of solid performance across all activities.
Global Markets posted both a record fourth quarter and a record1 year with revenues, respectively, of EUR 1,332 million, up +9.5% vs. Q4 23, and EUR 5,884 million, up +5.6% vs. 2023, in a market environment that remains conducive.
The Equities business delivered an excellent performance, with both a record year and fourth quarter. In Q4 24, revenues amounted to EUR 831 million, a steady increase of +10.0% vs. Q4 23, benefiting from a strong commercial dynamic post US elections especially in flow, listed products and financing activities. Over 2024, revenues increased sharply by +12.2% versus 2023 to EUR 3,569 million.
Fixed Income and Currencies grew by +8.8% to EUR 501 million in Q4 24, thanks to a solid performance across all products, with an increased client engagement across Corporates and Financial Institutions following the impact of the US elections on rates and currencies. In addition, European rates and currencies franchise outperformed, together with solid secured financing opportunities in the Americas. Over 2024, revenues decreased slightly by -3.2% to EUR 2,315 million.
Securities Services’ revenues were sharply up by +12.4% versus Q4 23 at EUR 162 million but increased by +4.8% excluding the impact of equity participations. The business continued to reap the benefit of a positive fee generation trend and robust momentum in fund distribution, especially in France and Italy. Over 2024, revenues were down by -4.0%, but up by +2.8% excluding equity participations. Assets under Custody and Assets under Administration amounted to EUR 4,921 billion and EUR 623 billion, respectively.
The Financing and Advisory business posted revenues of EUR 964 million, up by +16.7% vs. Q4 23. Over 2024, revenues totalled EUR 3,566 million, up by +5.8% vs. 2023.
The Global Banking & Advisory business grew steadily by +13.7% compared with Q4 23 with a double digit increase in fees vs. Q4 23 driven by strong origination and distribution volumes in Fund Financing and Structured Finance. The rebound in M&A and Advisory continued in the fourth quarter with a strong increase in revenues. This is the second best quarter ever in terms of revenues, close to record Q4 22. Over 2024, revenues grew by +3.2% vs. 2023.
The Global Transaction & Payment Services business once again delivered an excellent performance compared with Q4 23. The sharp increase in revenues of +26.1% was driven by solid commercial momentum in all activities, as well as a high level of fee generation, led by a strong performance in correspondent banking. Over 2024, revenues saw a steady increase of +13.9%. This represents a record year and fourth quarter.
Operating expenses
Operating expenses came out to EUR 1,644 million for the quarter, including around EUR 32 million in transformation costs. They are up by +2.7% relative to Q4 23. The cost-to-income ratio came to 66.9% in Q4 24.
Over 2024, operating expenses decreased by -3.6% compared with 2023 and the cost-to-income ratio came to 64.6%.
Cost of risk
Over the quarter, the cost of risk was EUR 97 million, or 24 basis points vs. 9 basis points in Q4 23.
Over 2024, the cost of risk was EUR 126 million, or 8 basis points.
Group net income
Group net income recorded strong growth, up by +34.4% vs. Q4 23 to EUR 627 million. Over 2024, Group net income rose sharply by +22.2% to EUR 2,788 million.
Global Banking and Investor Solutions reported significant RONE of 16.6% over the quarter and 18.4% over 2024.
- MOBILITY, INTERNATIONAL RETAIL BANKING AND FINANCIAL SERVICES
| In EURm |
Q4 24 |
Q4 23 |
Change |
2024 |
2023 |
Change |
| Net banking income |
2,056 |
2,016 |
+2.0% |
+6.7%* |
8,458 |
8,507 |
-0.6% |
-3.8%* |
| Operating expenses |
(1,240) |
(1,281) |
-3.2% |
+0.8%* |
(5,072) |
(4,760) |
+6.6% |
+1.7%* |
| Gross operating income |
816 |
734 |
+11.1% |
+17.0%* |
3,386 |
3,747 |
-9.6% |
-10.9%* |
| Net cost of risk |
(133) |
(137) |
-2.5% |
+2.2%* |
(705) |
(486) |
+45.1% |
+43.5%* |
| Operating income |
682 |
598 |
+14.2% |
+20.4%* |
2,681 |
3,261 |
-17.8% |
-19.1%* |
| Net income/expense from other assets |
(2) |
(12) |
+86.1% |
+84.3%* |
96 |
(11) |
n/s |
n/s |
| Non-controlling interests |
203 |
152 |
+33.1% |
+39.6%* |
826 |
826 |
-0.1% |
-7.1%* |
| Group net income |
314 |
284 |
+10.5% |
+16.1%* |
1,270 |
1,609 |
-21.1% |
-20.0%* |
| RONE |
12.0% |
11.0% |
|
|
12.2% |
16.6% |
|
|
| Cost to income |
60.3% |
63.6% |
|
|
60.0% |
56.0% |
|
|
(2)()
Commercial activity
International Retail Banking
International Retail Banking15 activity remained strong in Q4 24 with outstanding loans at EUR 59 billion, up by +3.4%* vs. Q4 23 and deposits at EUR 74 billion, up by +3.9%* vs. Q4 23.
Europe continues to post good commercial performance for both entities in individual and corporate client segments. With EUR 43 billion in Q4 24, outstanding loans increased by 4.9%* vs. Q4 23, across segments in Romania and more particularly in home loans in the Czech Republic. Outstanding deposits totalled EUR 55 billion in Q4 24, up by +3.8%* vs. Q4 23, mostly driven by Romania.
In the Africa, Mediterranean Basin and Overseas France network, outstanding loans were stable* vs. Q4 23, with EUR 16 billion in Q4 24, on the back of the good performance in retail. Outstanding deposits of EUR 20 billion in Q4 24 increased by 4.0%* vs. Q4 23, mainly driven by sight deposits in retail.
Mobility and Financial Services
Overall, Mobility and Financial Services maintained a good commercial performance.
Ayvens’ earning assets totalled EUR 53.6 billion at end-December 2024, a +2.9% increase vs. end-December 2023.
Consumer Finance posted outstandings of EUR 23 billion in Q4 24, still down by -4.0% vs. Q4 23.
With EUR 15 billion in Q4 24, Equipment Finance outstandings slightly decreased by -1.4% vs. Q4 23.
Net banking income
Over the quarter, Mobility, International Retail Banking and Financial Services’ revenues rose by +2.0% vs. Q4 23 to EUR 2,056 million in Q4 24.
Over the year, revenues were stable compared with 2023 at EUR 8,458 million.
International Retail Banking revenues reached EUR 1,029 million, up by +3.4%* vs. Q4 23. Over 2024, revenues amounted to EUR 4,161 million, up by 3.8%* vs. 2023.
Revenues in Europe, which amounted to EUR 539 million in Q4 24, rose by +6.4%* vs. Q4 23, driven by the +3.5%* increase in net interest income for both KB in Czech Republic and BRD in Romania. Fee income increased strongly over the quarter in the Czech Republic, up by +29.5%* vs. Q4 23. Over 2024, revenues improved by +2.8%* vs. 2023 at EUR 2,028 million.
The Africa, Mediterranean Basin and French Overseas network maintained a sustained level of revenues in Q4 24 of EUR 490 million, stable* vs. Q4 23, mainly driven by fee growth. Over 2024, revenues improved by +4.8%* vs. 2023 at EUR 2,133 million.
Overall, revenues from Mobility and Financial Services were up by 8.3% vs. Q4 23 at EUR 1,026 million. They remained stable vs. 2023, at EUR 4,298 million in 2024.
At Ayvens, net banking income stood at EUR 707 million in Q4 24, a sharp increase of +16,3% vs. Q4 23 as reported, and of +2.0% adjusted for non-recurring items16. The amount of margins stood at 541 basis points, generating revenues up +12%1 vs. T4-23. The used car sales markets are gradually normalising, as expected, with an average Used Car Sale (UCS) result per unit of EUR 1,2671 per unit this quarter, vs. EUR 1,4201 in Q3 24 and EUR 1,7061 in Q4 23. In 2024, Ayvens posted an increase in revenues of +1.2% vs. 2023 (at EUR 3,015 million), with an increase in underlying margins.
The Consumer Finance entities posted revenues of EUR 216 million in Q4 24, still down by -4.2% vs. Q4 23. These are stabilizing from Q3 24, with an improvement in the margin for new production. Revenues from the Equipment Finance business was down this quarter by -9.3% vs. Q4 23, with EUR 103 million in Q4 24. In 2024, overall revenues for both businesses decreased by -4.0% vs. 2023.
Operating expenses
Over the quarter, operating expenses remained contained at EUR 1,240 million (-3.2% vs. Q4 23, stable* at constant perimeter and exchange rates). The cost-to-income ratio stood at 60.3% in Q4 24 vs. 63.6% in Q4 23.
Over the year, operating expenses came to EUR 5,072 million, up by +6.6% vs. 2023. They include transformation costs of around EUR 200 million.
International Retail Banking recorded an increase in costs of +4.8%* vs. Q4 23 (down by -2.1% at current perimeter and exchange rates, to EUR 577 million in Q4 24), still including the new bank tax in Romania, implemented since January 2024.
Mobility and Financial Services costs reached EUR 663 million in Q4 24, down by -4.2% vs. Q4 23.
Cost of risk
Over the quarter, the cost of risk amounted to EUR 133 million or 32 basis points, which was considerably lower than in Q3 24 (48 basis points).
Over the year, the cost of risk normalised to a level of 42 basis points, compared with 32 basis points in 2023.
Group net income
Over the quarter, Group net income came out to EUR 314 million, up by +10.5% vs. Q4 23. RONE stood at 12.0% in Q4 24. RONE was 16.3% in International Retail Banking, and 9.1% in Mobility and Financial Services in Q4 24.
Over 2024, Group net income came out to EUR 1,270 million, down by -21.1% vs. 2023. RONE stood at 12.2% in 2024. RONE was 16.4% in International Retail Banking, and 9.4% in Mobility and Financial Services in 2024.
- CORPORATE CENTRE
| In EURm |
Q4 24 |
Q4 23 |
Change |
2024 |
2023 |
Change |
| Net banking income |
(159) |
(207) |
+23.4% |
+24.4%* |
(450) |
(1,098) |
+59.0% |
+59.6%* |
| Operating expenses |
(39) |
(101) |
-61.8% |
-61.8%* |
(224) |
(220) |
+1.6% |
+1.4%* |
| Gross operating income |
(197) |
(308) |
+36.0% |
+36.5%* |
(674) |
(1,318) |
+48.9% |
+49.5%* |
| Net cost of risk |
7 |
(23) |
n/s |
n/s |
12 |
(4) |
n/s |
n/s |
| Net income/expense from other assets |
(7) |
(15) |
+51.3% |
+51.3%* |
(179) |
(111) |
-61.3% |
-61.4%* |
| Income tax |
(37) |
(45) |
-17.9% |
-16.6%* |
81 |
(130) |
n/s |
n/s |
| Group net income |
(261) |
(412) |
+36.7% |
+37.0%* |
(848) |
(1,994) |
+57.5% |
+57.8%* |
The Corporate Centre includes:
- the property management of the Group’s head office,
- the Group’s equity portfolio,
- the Treasury function for the Group,
- certain costs related to cross-functional projects, as well as several costs incurred by the Group that are not re-invoiced to the businesses.
Net banking income
Over the quarter, the Corporate Centre’s net banking income totalled EUR -159 million, vs. EUR – 207 million in Q4 23.
Over the year, the Corporate Centre’s net banking income totalled EUR -450 million, vs. EUR – 1,098 million in 2023. It includes the booking in Q3 24 of exceptional proceeds received of approximately EUR 0.3 billion17.
Operating expenses
Over the quarter, operating expenses totalled EUR -39 million, vs. EUR -101 million in Q4 23.
Over the year, operating expenses totalled EUR -224 million, vs. EUR -220 million in 2023.
Net losses from other assets
Pursuant notably to the application of IFRS 5, the Group booked in Q4 24 various impacts from ongoing disposals of assets.
Group net income
Over the quarter, the Corporate Centre’s Group net income totalled EUR -261 million, vs. EUR -412 million in Q4 23.
Over the year, the Corporate Centre’s Group net income totalled EUR -848 million, vs. EUR -1,994 million in 2023.
To be noted that starting from 2025, normative return to businesses will be based on a 13% capital allocation.
8. 2024 AND 2025 FINANCIAL CALENDAR
| 2025 Financial communication calendar |
April 30, 2025 First quarter 2025 results
May 20, 2025 2024 Combined General Meeting
May 26, 2025 Dividend detachment
May 28, 2025 Dividend payment
July 31, 2025 Second quarter and first half 2025 results
October 30, 2025 Third quarter and nine months 2025 results |
| The Alternative Performance Measures, notably the notions of net banking income for the pillars, operating expenses, cost of risk in basis points, ROE, ROTE, RONE, net assets and tangible net assets are presented in the methodology notes, as are the principles for the presentation of prudential ratios.
This document contains forward-looking statements relating to the targets and strategies of the Societe Generale Group.
These forward-looking statements are based on a series of assumptions, both general and specific, in particular the application of accounting principles and methods in accordance with IFRS (International Financial Reporting Standards) as adopted in the European Union, as well as the application of existing prudential regulations.
These forward-looking statements have also been developed from scenarios based on a number of economic assumptions in the context of a given competitive and regulatory environment. The Group may be unable to:
– anticipate all the risks, uncertainties or other factors likely to affect its business and to appraise their potential consequences;
– evaluate the extent to which the occurrence of a risk or a combination of risks could cause actual results to differ materially from those provided in this document and the related presentation.
Therefore, although Societe Generale believes that these statements are based on reasonable assumptions, these forward-looking statements are subject to numerous risks and uncertainties, including matters not yet known to it or its management or not currently considered material, and there can be no assurance that anticipated events will occur or that the objectives set out will actually be achieved. Important factors that could cause actual results to differ materially from the results anticipated in the forward-looking statements include, among others, overall trends in general economic activity and in Societe Generale’s markets in particular, regulatory and prudential changes, and the success of Societe Generale’s strategic, operating and financial initiatives.
More detailed information on the potential risks that could affect Societe Generale’s financial results can be found in the section “Risk Factors” in our Universal Registration Document filed with the French Autorité des Marchés Financiers (which is available on https://investors.societegenerale.com/en).
Investors are advised to take into account factors of uncertainty and risk likely to impact the operations of the Group when considering the information contained in such forward-looking statements. Other than as required by applicable law, Societe Generale does not undertake any obligation to update or revise any forward-looking information or statements. Unless otherwise specified, the sources for the business rankings and market positions are internal.
|
9. APPENDIX 1: FINANCIAL DATA
GROUP NET INCOME BY CORE BUSINESS
| In EURm |
Q4 24 |
Q4 23 |
Variation |
2024 |
2023 |
Variation |
| French Retail, Private Banking and Insurance |
360 |
90 |
x 4.0 |
991 |
596 |
+66.2% |
| Global Banking and Investor Solutions |
627 |
467 |
+34.4% |
2,788 |
2,280 |
+22.2% |
| Mobility, International Retail Banking & Financial Services |
314 |
284 |
+10.5% |
1,270 |
1,609 |
-21.1% |
| Core Businesses |
1,301 |
841 |
+54.7% |
5,048 |
4,486 |
+12.5% |
| Corporate Centre |
(261) |
(412) |
+36.7% |
(848) |
(1,994) |
+57.5% |
| Group |
1,041 |
429 |
x 2.4 |
4,200 |
2,492 |
+68.6% |
MAIN EXCEPTIONAL ITEMS
| In EURm |
Q4 24 |
Q4 23 |
12M24 |
12M23 |
| Net Banking Income – Total exceptional items |
0 |
41 |
287 |
(199) |
| One-off legacy items – Corporate Centre |
0 |
41 |
0 |
(199) |
| Exceptional proceeds received – Corporate Centre |
0 |
0 |
287 |
0 |
| |
|
|
|
|
| Operating expenses – Total one-off items and transformation charges |
(76) |
(102) |
(613) |
(765) |
| Transformation charges |
(76) |
(102) |
(613) |
(730) |
| Of which French Retail, Private Banking and Insurance |
7 |
18 |
(132) |
(312) |
| Of which Global Banking & Investor Solutions |
(32) |
(64) |
(236) |
(167) |
| Of which Mobility, International Retail Banking & Financial Services |
(51) |
(56) |
(199) |
(251) |
| Of which Corporate Centre |
0 |
0 |
(47) |
0 |
| One-off items |
0 |
0 |
0 |
(35) |
| Of which French Retail, Private Banking and Insurance |
0 |
0 |
0 |
60 |
| Of which Global Banking & Investor Solutions |
0 |
0 |
0 |
(95) |
| |
|
|
|
|
| Other one-off items – Total |
(7) |
(115) |
(74) |
(820) |
| Net profits or losses from other assets |
(7) |
(15) |
(74) |
(112) |
| Of which Mobility, International Retail Banking and Financial Services |
0 |
0 |
86 |
0 |
| Of which Corporate Centre |
(7) |
(15) |
(160) |
(112) |
| Goodwill impairment – Corporate Centre |
0 |
0 |
0 |
(338) |
| Provision of Deferred Tax Assets – Corporate Centre |
0 |
(100) |
0 |
(370) |
CONSOLIDATED BALANCE SHEET
| In EUR m |
|
31/12/2024 |
31/12/2023 |
| Cash, due from central banks |
|
201,680 |
223,048 |
| Financial assets at fair value through profit or loss |
|
526,048 |
495,882 |
| Hedging derivatives |
|
9,233 |
10,585 |
| Financial assets at fair value through other comprehensive income |
|
96,024 |
90,894 |
| Securities at amortised cost |
|
32,655 |
28,147 |
| Due from banks at amortised cost |
|
84,051 |
77,879 |
| Customer loans at amortised cost |
|
454,622 |
485,449 |
| Revaluation differences on portfolios hedged against interest rate risk |
|
(292) |
(433) |
| Insurance and reinsurance contracts assets |
|
615 |
459 |
| Tax assets |
|
4,687 |
4,717 |
| Other assets |
|
70,903 |
69,765 |
| Non-current assets held for sale |
|
26,426 |
1,763 |
| Investments accounted for using the equity method |
|
398 |
227 |
| Tangible and intangible fixed assets |
|
61,409 |
60,714 |
| Goodwill |
|
5,086 |
4,949 |
| Total |
|
1,573,545 |
1,554,045 |
| In EUR m |
|
31/12/2024 |
31/12/2023 |
| Due to central banks |
|
11,364 |
9,718 |
| Financial liabilities at fair value through profit or loss |
|
396,614 |
375,584 |
| Hedging derivatives |
|
15,750 |
18,708 |
| Debt securities issued |
|
162,200 |
160,506 |
| Due to banks |
|
99,744 |
117,847 |
| Customer deposits |
|
531,675 |
541,677 |
| Revaluation differences on portfolios hedged
against interest rate risk
|
|
(5,277) |
(5,857) |
| Tax liabilities |
|
2,237 |
2,402 |
| Other liabilities |
|
90,786 |
93,658 |
| Non-current liabilities held for sale |
|
17,079 |
1,703 |
| Insurance and reinsurance contracts liabilities |
|
150,691 |
141,723 |
| Provisions |
|
4,085 |
4,235 |
| Subordinated debts |
|
17,009 |
15,894 |
| Total liabilities |
|
1,493,957 |
1,477,798 |
| Shareholder’s equity |
|
– |
– |
| Shareholders’ equity, Group share |
|
– |
– |
| Issued common stocks and capital reserves |
|
21,281 |
21,186 |
| Other equity instruments |
|
9,873 |
8,924 |
| Retained earnings |
|
33,863 |
32,891 |
| Net income |
|
4,200 |
2,493 |
| Sub-total |
|
69,217 |
65,494 |
| Unrealised or deferred capital gains and losses |
|
1,039 |
481 |
| Sub-total equity, Group share |
|
70,256 |
65,975 |
| Non-controlling interests |
|
9,332 |
10,272 |
| Total equity |
|
79,588 |
76,247 |
| Total |
|
1,573,545 |
1,554,045 |
10. APPENDIX 2: METHODOLOGY
1 –The financial information presented for the fourth quarter and full year 2024 was examined by the Board of Directors on February 5th, 2025 and has been prepared in accordance with IFRS as adopted in the European Union and applicable at that date. The audit procedures carried out by the Statutory Auditors on the consolidated financial statements are in progress.
2 – Net banking income
The pillars’ net banking income is defined on page 42 of Societe Generale’s 2024 Universal Registration Document. The terms “Revenues” or “Net Banking Income” are used interchangeably. They provide a normalised measure of each pillar’s net banking income taking into account the normative capital mobilised for its activity.
3 – Operating expenses
Operating expenses correspond to the “Operating Expenses” as presented in note 5 to the Group’s consolidated financial statements as at December 31st, 2023. The term “costs” is also used to refer to Operating Expenses. The Cost/Income Ratio is defined on page 42 of Societe Generale’s 2024 Universal Registration Document.
4 – Cost of risk in basis points, coverage ratio for non-performing loan outstandings
The cost of risk is defined on pages 43 and 770 of Societe Generale’s 2024 Universal Registration Document. This indicator makes it possible to assess the level of risk of each of the pillars as a percentage of balance sheet loan commitments, including operating leases.
| In EURm |
|
Q4 24 |
Q4 23 |
2024 |
2023 |
| French Retail, Private Banking and Insurance |
Net Cost Of Risk |
115 |
163 |
712 |
505 |
| Gross loan Outstandings |
233,298 |
240,533 |
235,539 |
246,701 |
| Cost of Risk in bp |
20 |
27 |
30 |
20 |
| Global Banking and Investor Solutions |
Net Cost Of Risk |
97 |
38 |
126 |
30 |
| Gross loan Outstandings |
160,551 |
168,799 |
162,749 |
169,823 |
| Cost of Risk in bp |
24 |
9 |
8 |
2 |
| Mobility, International Retail Banking & Financial Services |
Net Cost Of Risk |
133 |
137 |
705 |
486 |
| Gross loan Outstandings |
167,911 |
164,965 |
167,738 |
150,161 |
| Cost of Risk in bp |
32 |
33 |
42 |
32 |
| Corporate Centre |
Net Cost Of Risk |
(7) |
23 |
(12) |
4 |
| Gross loan Outstandings |
25,730 |
23,075 |
24,700 |
20,291 |
| Cost of Risk in bp |
(11) |
40 |
(5) |
2 |
| Societe Generale Group |
Net Cost Of Risk |
338 |
361 |
1,530 |
1,025 |
| Gross loan Outstandings |
587,490 |
597,371 |
590,725 |
586,977 |
| Cost of Risk in bp |
23 |
24 |
26 |
17 |
The gross coverage ratio for non-performing loan outstandings is calculated as the ratio of provisions recognised in respect of the credit risk to gross outstandings identified as in default within the meaning of the regulations, without taking account of any guarantees provided. This coverage ratio measures the maximum residual risk associated with outstandings in default (“non-performing loans”).
5 – ROE, ROTE, RONE
The notions of ROE (Return on Equity) and ROTE (Return on Tangible Equity), as well as their calculation methodology, are specified on pages 43 and 44 of Societe Generale’s 2024 Universal Registration Document. This measure makes it possible to assess Societe Generale’s return on equity and return on tangible equity.
RONE (Return on Normative Equity) determines the return on average normative equity allocated to the Group’s businesses, according to the principles presented on page 44 of Societe Generale’s 2024 Universal Registration Document.
Group net income used for the ratio numerator is the accounting Group net income adjusted for “Interest paid and payable to holders if deeply subordinated notes and undated subordinated notes, issue premium amortisation”. For ROTE, income is also restated for goodwill impairment.
Details of the corrections made to the accounting equity in order to calculate ROE and ROTE for the period are given in the table below:
ROTE calculation: calculation methodology
| End of period (in EURm) |
Q4 24 |
Q4 23 |
2024 |
2023 |
| Shareholders’ equity Group share |
70,256 |
65,975 |
70,256 |
65,975 |
| Deeply subordinated and undated subordinated notes |
(10,526) |
(9,095) |
(10,526) |
(9,095) |
| Interest payable to holders of deeply & undated subordinated notes, issue premium amortisation(1) |
(25) |
(21) |
(25) |
(21) |
| OCI excluding conversion reserves |
757 |
636 |
757 |
636 |
| Distribution provision(2) |
(1,740) |
(995) |
(1,740) |
(995) |
| Distribution N-1 to be paid |
– |
– |
– |
– |
| Equity end-of-period for ROE |
58,722 |
56,500 |
58,722 |
56,500 |
| Average equity for ROE |
58,204 |
56,607 |
57,223 |
56,396 |
| Average Goodwill(3) |
(4,192) |
(4,068) |
(4,108) |
(4,011) |
| Average Intangible Assets |
(2,883) |
(3,188) |
(2,921) |
(3,143) |
| Average equity for ROTE |
51,129 |
49,351 |
50,194 |
49,242 |
| |
|
|
|
|
| Group net Income |
1,041 |
430 |
4,200 |
2,493 |
| Interest paid and payable to holders of deeply subordinated notes and undated subordinated notes, issue premium amortisation |
(199) |
(215) |
(720) |
(759) |
| Cancellation of goodwill impairment |
– |
– |
– |
338 |
| Adjusted Group net Income |
842 |
215 |
3,480 |
2,073 |
| ROTE |
6.6% |
1.7% |
6.9% |
4.2% |
181920
RONE calculation: Average capital allocated to Core Businesses (in EURm)
| In EURm |
Q4 24 |
Q4 23 |
Change |
2024 |
2023 |
Change |
| French Retail , Private Banking and Insurance |
15,731 |
15,445 |
+1.9% |
15,634 |
15,454 |
+1.2% |
| Global Banking and Investor Solutions |
15,129 |
15,247 |
-0.8% |
15,147 |
15,426 |
-1.8% |
| Mobility, International Retail Banking & Financial Services |
10,460 |
10,313 |
+1.4% |
10,433 |
9,707 |
+7.5% |
| Core Businesses |
41,320 |
41,006 |
+0.8% |
41,214 |
40,587 |
+1.5% |
| Corporate Center |
16,884 |
15,601 |
+8.2% |
16,009 |
15,809 |
+1.3% |
| Group |
58,204 |
56,607 |
+2.8% |
57,223 |
56,396 |
+1.5% |
6 – Net assets and tangible net assets
Net assets and tangible net assets are defined in the methodology, page 45 of the Group’s 2024 Universal Registration Document. The items used to calculate them are presented below:
2122
| End of period (in EURm) |
2024 |
2023 |
2022 |
| Shareholders’ equity Group share |
70,256 |
65,975 |
66,970 |
| Deeply subordinated and undated subordinated notes |
(10,526) |
(9,095) |
(10,017) |
| Interest of deeply & undated subordinated notes, issue premium amortisation(1) |
(25) |
(21) |
(24) |
| Book value of own shares in trading portfolio |
8 |
36 |
67 |
| Net Asset Value |
59,713 |
56,895 |
56,996 |
| Goodwill(2) |
(4,207) |
(4,008) |
(3,652) |
| Intangible Assets |
(2,871) |
(2,954) |
(2,875) |
| Net Tangible Asset Value |
52,635 |
49,933 |
50,469 |
| |
|
|
|
| Number of shares used to calculate NAPS(3) |
796,498 |
796,244 |
801,147 |
| Net Asset Value per Share |
75.0 |
71.5 |
71.1 |
| Net Tangible Asset Value per Share |
66.1 |
62.7 |
63.0 |
7 – Calculation of Earnings Per Share (EPS)
The EPS published by Societe Generale is calculated according to the rules defined by the IAS 33 standard (see page 44 of Societe Generale’s 2024 Universal Registration Document). The corrections made to Group net income in order to calculate EPS correspond to the restatements carried out for the calculation of ROE and ROTE.
The calculation of Earnings Per Share is described in the following table:
| Average number of shares (thousands) |
2024 |
2023 |
2022 |
| Existing shares |
801,915 |
818,008 |
845,478 |
| Deductions |
|
|
|
| Shares allocated to cover stock option plans and free shares awarded to staff |
4,402 |
6,802 |
6,252 |
| Other own shares and treasury shares |
2,344 |
11,891 |
16,788 |
| Number of shares used to calculate EPS(4) |
795,169 |
799,315 |
822,437 |
| Group net Income (in EUR m) |
4,200 |
2,493 |
1,825 |
| Interest on deeply subordinated notes and undated subordinated notes (in EUR m) |
(720) |
(759) |
(596) |
| Adjusted Group net income (in EUR m) |
3,480 |
1,735 |
1,230 |
| EPS (in EUR) |
4.38 |
2.17 |
1.50 |
2324
8 – The Societe Generale Group’s Common Equity Tier 1 capital is calculated in accordance with applicable CRR2/CRD5 rules. The fully loaded solvency ratios are presented pro forma for current earnings, net of dividends, for the current financial year, unless specified otherwise. When there is reference to phased-in ratios, these do not include the earnings for the current financial year, unless specified otherwise. The leverage ratio is also calculated according to applicable CRR2/CRD5 rules including the phased-in following the same rationale as solvency ratios.
9 – Funded balance sheet, loan to deposit ratio
The funded balance sheet is based on the Group financial statements. It is obtained in two steps:
- A first step aiming at reclassifying the items of the financial statements into aggregates allowing for a more economic reading of the balance sheet. Main reclassifications:
Insurance: grouping of the accounting items related to insurance within a single aggregate in both assets and liabilities.
Customer loans: include outstanding loans with customers (net of provisions and write-downs, including net lease financing outstanding and transactions at fair value through profit and loss); excludes financial assets reclassified under loans and receivables in accordance with the conditions stipulated by IFRS 9 (these positions have been reclassified in their original lines).
Wholesale funding: Includes interbank liabilities and debt securities issued. Financing transactions have been allocated to medium/long-term resources and short-term resources based on the maturity of outstanding, more or less than one year.
Reclassification under customer deposits of the share of issues placed by French Retail Banking networks (recorded in medium/long-term financing), and certain transactions carried out with counterparties equivalent to customer deposits (previously included in short term financing).
Deduction from customer deposits and reintegration into short-term financing of certain transactions equivalent to market resources.
- A second step aiming at excluding the contribution of insurance subsidiaries, and netting derivatives, repurchase agreements, securities borrowing/lending, accruals and “due to central banks”.
The Group loan/deposit ratio is determined as the division of the customer loans by customer deposits as presented in the funded balance sheet.
NB (1) The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding rules.
(2) All the information on the results for the period (notably: press release, downloadable data, presentation slides and supplement) is available on Societe Generale’s website:
www.societegenerale.com in the “Investor” section.
Societe Generale
Societe Generale is a top tier European Bank with more than 126,000 employees serving about 25 million clients in 65 countries across the world. We have been supporting the development of our economies for 160 years, providing our corporate, institutional, and individual clients with a wide array of value-added advisory and financial solutions. Our long-lasting and trusted relationships with the clients, our cutting-edge expertise, our unique innovation, our ESG capabilities and leading franchises are part of our DNA and serve our most essential objective – to deliver sustainable value creation for all our stakeholders.
The Group runs three complementary sets of businesses, embedding ESG offerings for all its clients:
- French Retail, Private Banking and Insurance, with leading retail bank SG and insurance franchise, premium private banking services, and the leading digital bank BoursoBank.
- Global Banking and Investor Solutions, a top tier wholesale bank offering tailored-made solutions with distinctive global leadership in equity derivatives, structured finance and ESG.
- Mobility, International Retail Banking and Financial Services, comprising well-established universal banks (in Czech Republic, Romania and several African countries), Ayvens (the new ALD I LeasePlan brand), a global player in sustainable mobility, as well as specialized financing activities.
Committed to building together with its clients a better and sustainable future, Societe Generale aims to be a leading partner in the environmental transition and sustainability overall. The Group is included in the principal socially responsible investment indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders indexes, and the MSCI Low Carbon Leaders Index (World and Europe).
For more information, you can follow us on Twitter/X @societegenerale or visit our website societegenerale.com.
1 Based on the number of shares in circulation at 31 December 2024 excluding own shares, subject to usual approvals from the General Meeting
2 Reported Group net income, after deduction of interest on deeply subordinated notes and undated subordinated notes, restated from non-cash items that have no impact on CET1 ratio
3 Excluding assets sold
4 Ratio calculated according to EBA methodology published on 16 July 2019
5 Ratio excluding loans outstanding of companies currently being disposed of in compliance with IFRS 5 (in particular Société Générale Equipment Finance, SG Marocaine de Banques and La Marocaine Vie)
6 Ratio of S3 provisions, guarantees and collaterals over gross outstanding non-performing loans
7 The share buyback programme and the subsequent capital reduction, aim also, and in priority, at fully offsetting the dilutive impact of the future capital increase as part of the next Group Employee Share Ownership Plan, the principle of which was adopted by the Board of Directors on February 5, 2025
8 Scopes 1 & 2 of corporate clients’ financed emissions
9Target: -80% upstream exposure reduction by 2030 vs. 2019, with an intermediary step in 2025 at -50% vs. 2019
10 The target is to have at least 35% of women executives by 2026
11Including IFRS 9 phasing
12France and International (including Switzerland and the United Kingdom)
13 Banking App #1 in France and #2 worldwide based on Sia Partners International Mobile Banking Benchmark in October 2024
14 At comparable business model in the post Global Financial Crisis (GFC) regulatory regime
15 Including entities reported under IFRS 5, excluding entities sold in Morocco and Madagascar in December 2024
16 Excluding non-recurring items on either margins or UCS (mainly linked to fleet revaluation at EUR 107m in Q4 23 vs. EUR 0m in Q4 24, prospective depreciation at EUR -191m in Q4 23 vs. EUR -87m in Q4 24, hyperinflation in Turkey at EUR -27m in Q4 23 vs. EUR -40m in Q4 24 and MtM of derivatives at EUR -137m in Q4 23 vs. EUR -2m in Q4 24)
17 As stated in Q2 24 results press release
18 Interest net of tax
19 Based on the 2024 proposed distribution, subject to usual approvals of the General Meeting
20 Excluding goodwill arising from non-controlling interests
21 Interest net of tax
22 Excluding goodwill arising from non-controlling interests
23 The number of shares considered is the number of ordinary shares outstanding at the end of the period, excluding treasury shares and buybacks, but including the trading shares held by the Group (expressed in thousand of shares)
24 The number of shares considered is the average number of ordinary shares outstanding during the period, excluding treasury shares and buybacks, but including the trading shares held by the Group
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