Source: GlobeNewswire (MIL-OSI)
RESULTS AT 30 JUNE 2025
Press release
Paris, 31 July 2025, 6:25 a.m.
GROUP NET INCOME OF EUR 3.1BN IN H1 25, UP +71% VS. H1 24
UPGRADE OF 2025 TARGETS
FIRST ADDITIONAL SHARE BUY-BACK OF EUR 1BN
NEW INTERIM CASH DIVIDEND OF EUR 0.611 PER SHARE
- Group revenues at EUR 13.9 billion in H1 25, up +8.6% excluding asset disposals vs. H1 24, exceeding 2025 annual target > +3%
- Costs down -2.6% in H1 25 vs. H1 24, excluding asset disposals, ahead of our 2025 annual target of a decrease higher than -1%
- Cost / income ratio at 64.4% in H1 25, below the initial annual target of <66% for 2025
- Solid asset quality with a low cost of risk at 24bps in H1 25, below the 2025 annual target of 25 to 30 basis points
- Group net income of EUR 3.1 billion in H1 25, up +71% vs. H1 24, ROTE at 10.3%, above the initial annual target of >8% for 2025
- As in H1 25, strong performance in Q2 25, C/I ratio at 63.8% (vs. 68.4% in Q2 24), Group net income of EUR 1.5bn (+31% vs. Q2 24) and ROTE at 9.7%
- Upgrade of the 2025 financial targets driven by better than guided revenues and costs:
- Cost / income ratio now expected below 65% in 2025
- ROTE target for 2025 increased to ~9% in 2025
- First distribution of excess capital in the form of an additional share buy-back of EUR 1 billion (~-25 basis points of the CET1 ratio), to be launched as soon as 4 August 2025
- CET1 ratio at 13.5% at the end of Q2 25 after additional share buy-back of EUR 1bn, around 330 basis points above the regulatory requirement
- The Board of Directors approved an amendment to the distribution policy, introducing an interim cash dividend payable in the fourth quarter of each year from 2025 onwards. For the first half of 2025, an interim dividend of EUR 0.611 per share will be paid on 9 October 2025
Slawomir Krupa, Group Chief Executive Officer, commented:
“We are once again reporting strong results this quarter with a solid commercial and financial performance in all our businesses. Revenue growth, cost reduction, cost income ratio and profitability improvement: we are ahead of all our annual targets for the first half of the year, and we have revised them upwards for the full year 2025. With a high capital ratio, well above our target, we decided to provide an additional distribution to shareholders in the form of a share buy-back and to introduce an interim dividend for the first half of 2025. I would like to thank all our teams for their commitment to our clients and to our Bank. We remain fully focused on the precise and methodical execution of our 2026 roadmap to continue delivering sustainable and profitable growth for all our stakeholders.”
- GROUP CONSOLIDATED RESULTS
| In EURm |
Q2 25 |
Q2 24 |
Change |
H1 25 |
H1 24 |
Change |
| Net banking income |
6,791 |
6,685 |
+1.6% |
+7.8%* |
13,874 |
13,330 |
+4.1% |
+8.8%* |
| Operating expenses |
(4,331) |
(4,570) |
-5.2% |
-0.1%* |
(8,935) |
(9,550) |
-6.4% |
-2.6%* |
| Gross operating income |
2,460 |
2,115 |
+16.4% |
+25.3%* |
4,939 |
3,780 |
+30.7% |
+37.8%* |
| Net cost of risk |
(355) |
(387) |
-8.2% |
+0.7%* |
(699) |
(787) |
-11.1% |
-4.9%* |
| Operating income |
2,105 |
1,728 |
+21.8% |
+30.6%* |
4,240 |
2,993 |
+41.7% |
+48.8%* |
| Net profits or losses from other assets |
75 |
(8) |
n/s |
n/s |
277 |
(88) |
n/s |
n/s |
| Income tax |
(477) |
(379) |
+25.8% |
+37.7%* |
(967) |
(653) |
+48.1% |
+58.3%* |
| Net income |
1,702 |
1,348 |
+26.3% |
+34.6%* |
3,557 |
2,265 |
+57.1% |
+64.4%* |
| o/w non-controlling interests |
249 |
235 |
+5.8% |
+11.5%* |
496 |
472 |
+5.0% |
+11.3%* |
| Group net income |
1,453 |
1,113 |
+30.6% |
+39.6%* |
3,061 |
1,793 |
+70.8% |
+78.1%* |
| ROE |
8.6% |
6.5% |
|
|
9.1% |
5.1% |
+0.0% |
+0.0%* |
| ROTE |
9.7% |
7.4% |
|
|
10.3% |
5.8% |
+0.0% |
+0.0%* |
| Cost to income |
63.8% |
68.4% |
|
|
64.4% |
71.6% |
+0.0% |
+0.0%* |
Asterisks* in the document refer to data at constant scope and exchange rates
Societe Generale’s Board of Directors, at a meeting chaired by Lorenzo Bini Smaghi on 30 July 2025, reviewed the Societe Generale Group’s results for the second quarter and first half of 2025.
Net banking income
Net banking income stood at EUR 6.8 billion, up +1.6% vs. Q2 24 and +7.1% excluding asset disposals.
Revenues of French Retail, Private Banking and Insurance were up +6.5% vs. Q2 24 (+10.7% excluding asset disposals). They stood at EUR 2.3 billion in Q2 25. Net interest income grew strongly in Q2 25 by +14.8% vs. Q2 24, and by +2.4% when restating the disposals and the impact of short-term hedges recognised in Q2 24 (around EUR -150 million). Assets under management in Private Banking (excluding disposals of the Swiss and UK operations) and life insurance outstandings increased by +6% and +5% in Q2 25 vs. Q2 24 respectively. Lastly, BoursoBank continued its strong commercial development with ~424,000 new clients during the quarter, and has reached 8 million clients in July 2025, ahead of its initial 2026 guidance given at the Capital Markets Day in September 2023.
Global Banking and Investor Solutions maintained a high level of revenues of EUR 2.6 billion in Q2 25, up +0.7% vs. Q2 24 owing to the continued sustained activity in Fixed Income and Currencies and in Financing and Advisory. Global Markets posted a revenue base up +0.8% in Q2 25, compared with a level that was already very high in Q2 24. The Equities business maintained a very high level of revenues, although this fell slightly by -2.9% in Q2 25, compared with an elevated level in Q2 24, mainly due to the positive commercial momentum in derivatives. Fixed Income and Currencies grew by 7.3%, driven by buoyant activity in flow and financing products. Securities Services posted a slight decrease in revenues of -3.1% due to the impact of the fall in interest rates. Global Banking & Advisory benefited from the strong performance of the acquisition finance, fund financing and project finance businesses, as well as from the solid momentum in loan origination and distribution. Lastly, despite robust commercial activity with corporate and institutional clients, Global Transaction & Payment Services recorded a fall in revenues of -4.7% compared with Q2 24, also due to the contraction of interest rates.
In Mobility, International Retail Banking and Financial Services, revenues were down -5.6% vs. Q2 24 mainly due to a scope effect of around EUR -260 million in Q2 25. Excluding the impact of asset disposals, they were up +7.3%. International Retail Banking recorded a -12.1% fall in revenues vs. Q2 24 to
EUR 0.9 billion, due to a scope effect related to the disposals completed in Africa (mainly Morocco and Madagascar). They rose +2.7% at constant perimeter and exchange rates. Revenues from Mobility and Financial Services were up +0.4% vs. Q2 24 and up +11.7% excluding the disposal of SGEF. Ayvens’ revenues grew by +10.6% vs. Q2 24, with notably improved margins. Consumer Finance posted a revenue increase of +12.6%, notably driven by higher net interest income.
The Corporate Centre recorded revenues of EUR -160 million in Q2 25.
In the first half of the year, the Group’s net banking income increased by +4.1% vs. H1 24 and +8.6% excluding asset disposals.
Operating expenses
Operating expenses came to EUR 4,331 million in Q2 25, down -5.2% vs. Q2 24 and -0.6% excluding asset disposals.
The slight decrease in operating expenses in Q2 25 excluding asset disposals largely results from the accounting of an exceptional charge of approximately EUR 100 million2 related to the launch of a Global Employee Share Ownership Programme in June 2025. Restated from this non-recurring item, operating expenses were down -2.8% vs. Q2 24, confirming the strong cost control at Group level. In Q2 25, transformation charges fell by EUR -93 million vs. Q2 24.
The cost-to-income ratio stood at 63.8% in Q2 25, down from Q2 24 (68.4%) and below the initial guidance of <66% for 2025.
In the first half of the year, operating expenses fell significantly by -2.6% vs. H1 24 (excluding asset disposals). The cost-to-income ratio stood at 64.4% (vs. 71.6% in H1 24), also ahead of the initial 2025 guidance of <66%.
Revenues and costs in H1 25 being ahead of the initial targets in H1 25, the C/I ratio target is now at <65% in 2025.
Cost of risk
The cost of risk remained low during the quarter at 25 basis points, or EUR 355 million and is still at the lower end of the target set for 2025 of between 25 and 30 basis points. This comprises a
EUR 390 million provision for doubtful loans (around 27 basis points) and a reversal of a provision for performing loans for EUR 35 million.
At end-June, the Group had a stock of provisions for performing loans of EUR 3,011 million, down by -3.8% from 31 March 2025, mainly driven by asset disposals and FX impact.
The gross non-performing loan ratio amounted to 2.77%3,4 at 30 June 2025, down compared with its level at end-March 2025 (2.82%). The net coverage ratio on the Group’s non-performing loans stood at 81%5 at 30 June 2025 (after netting of guarantees and collateral).
Net profits from other assets
The Group recorded a net profit of EUR 75 million in Q2 25, mainly related to the accounting impacts resulting from the sale of Societe Generale Burkina Faso, completed in June 2025.
Group net income
Group net income stood at EUR 1,453 million for the quarter, equating to a Return on Tangible Equity (ROTE) of 9.7%.
In the first half of the year, Group net income stood at EUR 3,061 million, equating to a Return on Tangible Equity (ROTE) of 10.3%, higher than the target set for 2025 of >8%.
Considering the performance in the first half of 2025, the Group is now targeting a ROTE of around 9% in 2025.
Shareholder distribution
The Board of Directors approved an amendment to the distribution policy, introducing an interim cash dividend payable in the fourth quarter of each year from 2025 onwards. Based on the financial statements for the first half of 2025, the Board of Directors has decided the payment of an interim dividend of EUR 0.61 per share. The ex-dividend date will be on 7 October 2025 and the payment on 9 October 2025.
In addition, as part of the first application of a possible option of the Group’s new distribution policy announced on 6 February 20256, a distribution of excess capital will be made in the form of an additional EUR 1 billion share buy-back. Authorisations, including the one from the ECB, have been obtained7 to launch this programme, which will start on 4 August 2025.
- ESG: PREPARING FOR THE FUTURE
The Group announced the composition of its Scientific Advisory Council this quarter. The role of this body is to provide the General Management with ESG insights, taking a science-based approach to the key emerging trends that will influence the economic environment and the Group’s activities in the future. Composed of eight expert members with complementary skills, the Council will provide holistic views in order to identify long-term opportunities and challenges (for more details, see Societe Generale unveils the composition of its Scientific Advisory Council – Societe Generale).
At the same time, Societe Generale is continuing to develop its actions for the energy transition, as well as innovative financing solutions to support its customers:
- During the United Nations Ocean Conference (UNOC), Societe Generale recalled its efforts to protect marine ecosystems and its key role in the transition to a more sustainable maritime economy. It acted as the exclusive advisor to Eurazeo for the “Maritime Upgrade” debt fund (Eurazeo and Societe Generale to join forces to support the sustainable transition of the maritime sector – Wholesale Banking).
- Through its subsidiary REED, Societe Generale has invested in Voltekko Tech, a platform specialising in energy-efficient data centres. A total of nine investments, mainly in the energy sector, have been made since the acquisition of REED.
Lastly, Societe Generale received the Euromoney award for “The World’s Best Bank for ESG”, together with an excellent rating from Sustainalytics, at 15.4 – an improvement on the rating assigned by the agency in its last review, which positions it among the world’s best banks (top 12%).
- THE GROUP’S FINANCIAL STRUCTURE
At 30 June 2025, the Group’s Common Equity Tier 1 ratio stood at 13.5%, or around 330 basis points above the regulatory requirement. Likewise, the Liquidity Coverage Ratio (LCR) was also well above regulatory requirements at 148% at end-June 2025 (149% on average for the quarter), while the Net Stable Funding Ratio (NSFR) stood at 117% at end-June 2025.
All liquidity and solvency ratios are well above the regulatory requirements.
| |
30/06/2025 |
31/12/2024 |
Requirements |
| CET1(1) |
13.5% |
13.3% |
10.22% |
| Tier 1 ratio(1) |
15.8% |
16.1% |
12.14% |
| Total Capital(1) |
18.4% |
18.9% |
14.71% |
| Leverage ratio(1) |
4.4% |
4.3% |
3.60% |
| TLAC (% RWA)(1) |
29.9% |
29.7% |
22.33% |
| TLAC (% leverage)(1) |
8.3% |
8.0% |
6.75% |
| MREL (% RWA)(1) |
33.4% |
34.2% |
27.44% |
| MREL (% leverage)(1) |
9.2% |
9.2% |
6.13% |
| End of period LCR |
148% |
162% |
>100% |
| Period average LCR |
149% |
150% |
>100% |
| NSFR |
117% |
117% |
>100% |
| In EURbn |
30/06/2025 |
31/12/2024 |
| Total consolidated balance sheet |
1,551 |
1,574 |
| Shareholders’ equity (IFRS), Group share |
68 |
70 |
| Risk-weighted assets |
388 |
390 |
| O.w. credit risk |
314 |
327 |
| Total funded balance sheet |
923 |
952 |
| Customer loans |
456 |
463 |
| Customer deposits |
594 |
614 |
8
As of 30 June 2025, the parent company has issued EUR 13.5 billion of medium / long-term debt under its 2025 financing programme, including EUR 4.5 billion of pre-financing raised at end-2024. The subsidiaries had issued EUR 1.8 billion. In total, the Group has issued a total of EUR 15.3 billion in medium / long-term debt since the start of the year.
As of 30 June 2025, the parent company’s 2025 financing programme is around 80% complete for vanilla issuance.
The Group is rated by four rating agencies: (i) Fitch Ratings – Issuer default rating “A-”, stable outlook, senior preferred debt rating “A”, short-term rating “F1”; (ii) Moody’s – long-term rating (senior preferred debt) “A1”, stable 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 |
Q2 25 |
Q2 24 |
Change |
H1 25 |
H1 24 |
Change |
| Net banking income |
2,269 |
2,131 |
+6.5% |
4,568 |
4,146 |
+10.2% |
| Of which net interest income |
1,036 |
902 |
+14.8% |
2,097 |
1,729 |
+21.3% |
| Of which fees |
1,013 |
1,027 |
-1.4% |
2,069 |
2,045 |
+1.1% |
| Operating expenses |
(1,477) |
(1,649) |
-10.4% |
(3,043) |
(3,377) |
-9.9% |
| Gross operating income |
791 |
482 |
+64.3% |
1,525 |
770 |
+98.2% |
| Net cost of risk |
(146) |
(173) |
-15.4% |
(317) |
(420) |
-24.5% |
| Operating income |
645 |
309 |
x 2.1 |
1,208 |
350 |
x 3.5 |
| Net profits or losses from other assets |
20 |
8 |
x 2.6 |
27 |
8 |
x 3.3 |
| Group net income |
488 |
240 |
x 2.0 |
909 |
271 |
x 3.4 |
| RONE |
11.2% |
5.7% |
|
10.4% |
3.3% |
|
| Cost to income |
65.1% |
77.4% |
|
66.6% |
81.4% |
|
Commercial activity
SG Network, Private Banking and Insurance
The SG Network’s average outstanding deposits amounted to EUR 227 billion in Q2 25, down -3% compared with Q2 24, and -1% vs. Q1 25.
The SG Network’s average loan outstandings contracted by -2% on Q2 24 to EUR 194 billion and were stable excluding repayments of state-guaranteed loans (PGE). Mortgage loan production saw a sharp increase of +175% vs. Q2 24.
The average loan to deposit ratio came to 85.5% in Q2 25, down -1 percentage point relative to Q2 24.
Private Banking saw its assets under management9 grow by +6% vs. Q2 24 to EUR 132 billion in Q2 25. Net asset inflows totalled EUR 2.3 billion in Q2 25, with asset gathering pace (annualised net new money divided by AuM) standing at +6% in H1 25. Net banking income amounted to EUR 308 million for the quarter and EUR 669 million for the first half of the year.
Insurance, which covers activities in and outside France, posted a strong commercial performance. Life insurance outstandings increased by +5% vs. Q2 24 to reach EUR 150 billion in Q2 25. The share of unit-linked products remained high at 40%. Gross life insurance savings inflows amounted to EUR 4.8 billion in Q2 25.
BoursoBank
BoursoBank reached 7.9 million clients in Q2 25, the threshold of 8 million clients being reached in July 2025. In Q2 25, the bank recorded a +22% increase in the number of clients vs. Q2 24, bringing growth in the number of clients to +1.4 million year on year. Onboarding remained high during the quarter (~424,000 new clients in Q2 25), while the attrition is very low, at less than 4%.
BoursoBank once again confirmed its position as the French market leader, as shown by the award received from Euromoney for best digital bank in France10.
Average outstanding savings, including deposits and financial savings, totalled EUR 69.8 billion, the average outstanding deposits increasing sharply by +16% vs. Q2 24. Average life insurance outstandings increased by +7% vs. Q2 24 (the share of unit-linked products was 48%) and gross inflows being up +12% vs. Q2 24. The brokerage activity recorded a strong increase in the number of market orders of +33% vs. Q2 24.
Average loan outstandings rose +10% compared with Q2 24 to EUR 16.7 billion in Q2 25.
Net banking income
Revenues for the quarter amounted to EUR 2,269 million (including PEL/CEL provision) up +6.5% compared with Q2 24 and +10.7% excluding asset disposals. Net interest income grew by +14.8%
vs. Q2 24 and +2.4% excluding asset disposals and the impact of short-term hedges in Q2 24. Fees were down -1.4% compared with Q2 24 and up +1.4% excluding asset disposals.
First-half revenues came to EUR 4,568 million (including PEL/CEL provision), up +10.2% on H1 24 and +13.6% excluding asset disposals. Net interest income grew by +21.3% vs. H1 24. It is up +0.6% excluding asset disposals and the impact of short-term hedges in H1 24. Fee income rose +1.1% vs. H1 24 and +3.7% excluding asset disposals.
Operating expenses
Operating expenses came to EUR 1,477 million for the quarter, down -10.4% vs. Q2 24 and -5.7% excluding asset disposals. The cost-to-income ratio stood at 65.1% in Q2 25, an improvement of 12.3 percentage points vs. Q2 24.
During the first half of the year, operating expenses amounted to EUR 3,043 million, down -9.9% compared with H1 24 and -6.2% excluding asset disposals. The cost-to-income ratio stood at 66.6%, an improvement of 14.8 percentage points vs. H1 24.
Cost of risk
The cost of risk amounted to EUR 146 million, or 25 basis points, for the quarter, which was lower than in Q2 24 and Q1 25 (29 basis points in both cases).
In the first half of the year, the cost of risk totalled EUR 317 million, or 27 basis points.
Group net income
Group net income totalled EUR 488 million for the quarter. RONE stood at 11.2% in Q2 25.
In the first half of the year, Group net income totalled EUR 909 million. RONE stood at 10.4% in H1 25.
- GLOBAL BANKING AND INVESTOR SOLUTIONS
| In EUR m |
Q2 25 |
Q2 24 |
Variation |
H1 25 |
H1 24 |
Change |
| Net banking income |
2,647 |
2,628 |
+0.7% |
+2.4%* |
5,542 |
5,259 |
+5.4% |
+5.5%* |
| Operating expenses |
(1,630) |
(1,647) |
-1.0% |
+0.2%* |
(3,385) |
(3,404) |
-0.5% |
-0.4%* |
| Gross operating income |
1,017 |
981 |
+3.6% |
+6.1%* |
2,157 |
1,856 |
+16.2% |
+16.4%* |
| Net cost of risk |
(81) |
(21) |
x 3.8 |
x 3.8* |
(136) |
(1) |
x 91.4 |
x 91.4* |
| Operating income |
936 |
960 |
-2.5% |
-0.1%* |
2,021 |
1,854 |
+9.0% |
+9.2%* |
| Reported Group net income |
750 |
776 |
-3.4% |
-1.1%* |
1,606 |
1,473 |
+9.0% |
+9.2%* |
| RONE |
16.8% |
19.0% |
+0.0% |
+0.0%* |
17.7% |
18.2% |
+0.0% |
+0.0%* |
| Cost to income |
61.6% |
62.7% |
+0.0% |
+0.0%* |
61.1% |
64.7% |
+0.0% |
+0.0%* |
Net banking income
Global Banking and Investor Solutions reported solid results for the quarter, with revenues of
EUR 2,647 million, remaining consistently high, slightly up +0.7% compared with Q2 24.
In the first half of the year, revenues grew by +5.4% vs. H1 24 (EUR 5,542 million vs. EUR 5,259 million).
Global Markets and Investor Services maintained a high level of revenues of EUR 1,753 million, stable (+0.4%) over the quarter compared with Q2 24. In the first half of the year, they amounted to EUR 3,674 million, up +5.2% vs. H1 24.
Market Activities were slightly up during the quarter (+0.8%), with revenues of EUR 1,577 million. In the first half of the year, they rose +5.9% in comparison with H1 24 to EUR 3,336 million.
The Equities business was resilient during the quarter, at -2.9% compared with a high level in Q2 24. Revenues stood at EUR 962 million for the quarter, driven by the positive commercial momentum in derivatives. In the first half of the year, they rose +8.7% in comparison with H1 24 to EUR 2,023 million.
Fixed Income and Currencies rose sharply during the quarter, with revenues up +7.3% vs. Q2 24 to
EUR 615 million, driven by a strong performance in flow and financing products. Commercial momentum remained strong during the quarter, despite an uncertain macroeconomic environment. In the first half of the year, revenues were up +1.9% from H1 24 to EUR 1,313 million.
In Securities Services, revenues fell -3.1% compared with Q2 24 to EUR 176 million, due to the fall in interest rates. Excluding equity participations, revenues are down -2.4%. In the first half of the year, revenues were down -1.0% and -1.3% excluding equity participations. Assets under Custody and Assets under Administration amounted to EUR 5,222 billion and EUR 638 billion, respectively.
Revenues for the Financing and Advisory business totalled EUR 895 million for the quarter, slightly up +1.3% compared with Q2 24. In the first half of the year, they were up +5.7% in comparison with H1 24 to EUR 1,868 million.
Global Banking & Advisory posted significant revenues for the quarter, up +3.6% compared with Q2 24, driven in particular by buoyant activity in acquisition finance, fund financing and project finance. In the first half of the year, revenues were up +7.1% versus H1 24.
Global Transaction & Payment Services delivered good commercial performance during the quarter, particularly with corporate and institutional clients. However, revenues fell by -4.7% during the quarter due to the impact of lower interest rates. In the first half of the year, revenues were up +1.6% vs. H1 24.
Operating expenses
Operating expenses came to EUR 1,630 million for the quarter, down -1.0% vs. Q2 24. The cost-to-income ratio was 61.6% in Q2 25.
During the first half of the year, operating expenses contracted by -0.5% compared with H1 24, while the cost-to-income ratio reached 61.1%, vs. 64.7% in H1 24.
Cost of risk
During the quarter, the cost of risk was EUR 81 million, or 19 basis points vs. 5 basis points in Q2 24.
During the first half of the year, the cost of risk was EUR 136 million, or 16 basis points vs. 0 basis points in H1 24.
Group net income
Group net income fell -3.4% vs. Q2 24 to EUR 750 million. In the first half of the year, it rose +9.0% to
EUR 1,606 million.
Global Banking and Investor Solutions reported RONE of 16.8% for the quarter and RONE of 17.7% for the first half of the year.
- MOBILITY, INTERNATIONAL RETAIL BANKING AND FINANCIAL SERVICES
| In EURm |
Q2 25 |
Q2 24 |
Change |
H1 25 |
H1 24 |
Change |
| Net banking income |
2,036 |
2,157 |
-5.6% |
+7.2%* |
4,036 |
4,318 |
-6.5% |
+4.1%* |
| Operating expenses |
(1,059) |
(1,261) |
-16.0% |
-4.2%* |
(2,240) |
(2,611) |
-14.2% |
-4.5%* |
| Gross operating income |
977 |
896 |
+8.9% |
+22.9%* |
1,796 |
1,707 |
+5.3% |
+17.4%* |
| Net cost of risk |
(126) |
(189) |
-33.1% |
-18.4%* |
(250) |
(370) |
-32.4% |
-21.2%* |
| Operating income |
850 |
708 |
+20.1% |
+32.9%* |
1,546 |
1,336 |
+15.7% |
+27.5%* |
| Net profits or losses from other assets |
0 |
(0) |
n/s |
n/s |
0 |
4 |
-92.7% |
-92.7%* |
| Non-controlling interests |
246 |
211 |
+16.5% |
+23.5%* |
458 |
406 |
+12.6% |
+20.6%* |
| Group net income |
404 |
321 |
+25.7% |
+41.3%* |
722 |
599 |
+20.5% |
+33.7%* |
| RONE |
15.3% |
11.4% |
|
|
13.2% |
10.7% |
|
|
| Cost to income |
52.0% |
58.4% |
|
|
55.5% |
60.5% |
|
|
)()
Commercial activity
International Retail Banking
International Retail Banking posted strong commercial momentum in Q2 25, mainly driven by loan outstandings, up +4.3%* vs. Q2 24 to EUR 61 billion. Deposit outstandings stabilised* vs. Q2 24 to EUR 75 billion.
Europe continued to post strong growth in loan outstandings of 7.0%* vs. Q2 24 to EUR 46 billion in Q2 25. Deposits were stable* this quarter at EUR 56 billion in Q2 25.
In Africa, Mediterranean Basin and French Overseas Territories, loan outstandings were down -3.1%* vs. Q2 24 to EUR 15 billion. Deposit outstandings increased +1.9%* vs. Q2 24 to EUR 19 billion in Q2 25, mainly driven by sight deposits from retail and corporate clients.
Mobility and Financial Services
Overall, Mobility and Financial Services recorded a broadly stable commercial performance.
Ayvens maintained earning assets of around EUR 53 billion at end-June 2025, broadly stable compared to end-June 2024.
Consumer Finance posted loans outstanding of EUR 23 billion, still down -2.8% vs. Q2 24.
Net banking income
In Q2 25, Mobility, International Retail Banking and Financial Services delivered a good performance, with EUR 2,036 million in Q2 25, up 7.2%* vs. Q2 24.
In the first half of the year, revenues grew by +4.1%* vs. H1 24 to EUR 4,036 million.
International Retail Banking revenues increased +2.7%* vs. Q2 24 to EUR 920 million in Q2 25. They rose +2.3%* in the first half vs. H1 24 to EUR 1,833 million in H1 25.
In Europe, revenues amounted to EUR 528 million in Q2 25, strongly up +6.1%* vs. Q2 24. The increase was due to the high level of net interest income in both countries (+7.3%* vs. Q2 24).
Overall, revenues in Africa, Mediterranean Basin and French Overseas Territories were slightly down -1.5%* vs. Q2 24 to EUR 392 million in Q2 25, compared with a high Q2 24 level. The net interest income was up +2.8%* vs. Q2 24.
Mobility and Financial Services posted strong revenue growth in both businesses, at +11.1%* overall vs. Q2 24, to EUR 1,116 million in Q2 25. In the first half of the year, the increase was +5.7%* vs. H1 24 to EUR 2,203 million.
The significant improvement in Ayvens’ revenues of +10.6% vs. Q2 24 (EUR 868 million in Q2 25) is due, as expected, to the reduced impact of depreciation adjustments and non-recurring items11 (-3% revenues vs. Q2 24, adjusted from those two items). Margins increased to 550 basis points in Q2 25 vs. 539 basis points in Q2 24, excluding non-recurring items. The depreciations were down vs. Q2 24 and the average results on sales of used vehicles per unit on the secondary market continued to normalise very gradually (EUR 1,23412 in Q2 25 vs. EUR 1,4802 in Q2 24). At company level, Ayvens had a cost-to-income ratio of 57.6%13 in Q2 25, in line with the 2025 guidance (57%-59% for the year).
Revenues from the Consumer Finance business increased by +12.6% vs. Q2 24, to EUR 247 million in Q2 25. This significant growth reflects both an improvement in the margin on new production and the positive impact of an asset revaluation.
Operating expenses
Over the quarter, operating expenses for the quarter decreased by -4.2%* vs. Q2 24 to EUR 1,059 million in Q2 25 (including EUR 29 million in transformation charges). The cost-to-income ratio improved in Q2 25 to 52.0% vs. 58.4% in Q2 24. In the first half of the year, costs of EUR 2,240 million were down -4.5%* vs. H1 24, while the cost-to-income ratio stood at 55.5% vs. 60.5% in H1 24.
International Retail Banking recorded a -5.2%* decrease in costs vs. Q2 24 at EUR 482 million, in a still inflationary local environment.
Mobility and Financial Services costs reached EUR 577 million in Q2 25, down -3.3%* vs. Q2 24. Ayvens benefitted from the initial cost synergies related to the integration of Leaseplan.
Cost of risk
Over the quarter, the cost of risk amounted to EUR 126 million or 35 basis points this quarter, which was considerably lower than in Q2 24 (45 basis points).
In the first half of the year, the cost of risk stood at 33 basis points vs. 44 basis points in H1 24.
Group net income
Group net income came to EUR 404 million for the quarter, up +41.3%* vs. Q2 24. RONE improved to 15.3% in Q2 25 vs. 11.4% in Q2 24. RONE was 18.4% in International Retail Banking and 13.1% in Mobility and Financial Services in Q2 25.
In the first half of the year, Group net income came to EUR 722 million, up +33.7%* vs. H1 24. RONE improved to 13.2% in H1 25 vs. 10.7% in H1 24. RONE was 16.3% in International Retail Banking and 11.1% in Mobility and Financial Services in H1 25.
- CORPORATE CENTRE
| In EURm |
Q2 25 |
Q2 24 |
Change |
H1 25 |
H1 24 |
Change |
| Net banking income |
(160) |
(231) |
+30.8% |
+30.8%* |
(273) |
(394) |
+30.8% |
+30.8%* |
| Operating expenses |
(164) |
(13) |
x 12.3 |
x 4.3* |
(267) |
(158) |
+68.3% |
+45.3%* |
| Gross operating income |
(324) |
(245) |
-32.5% |
-20.2%* |
(539) |
(552) |
+2.4% |
+6.6%* |
| Net cost of risk |
(2) |
(4) |
-55.7% |
-55.7%* |
4 |
5 |
+16.7% |
+16.7%* |
| Net profits or losses from other assets |
57 |
(15) |
n/s |
n/s |
250 |
(99) |
n/s |
n/s |
| Income tax |
83 |
67 |
-23.0% |
-12.2%* |
143 |
157 |
+8.7% |
+12.3%* |
| Group net income |
(188) |
(225) |
+16.1% |
+22.5%* |
(176) |
(551) |
+68.0% |
+69.1%* |
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 various costs incurred by the Group that are not re-invoiced to the businesses.
Net banking income
The Corporate Centre’s net banking income totalled EUR -160 million for the quarter, vs. EUR -231 million in Q2 24.
In the first half of the year, the Corporate Centre’s net banking income totalled EUR -273 million, vs. EUR -394 million in H1 24.
Operating expenses
During the quarter, operating expenses totalled EUR -164 million, vs. EUR -13 million in Q2 24. They include around EUR 100 million in expenses related to the Global Employee Share Ownership Programme launched in June 2025.
In the first half of the year, operating expenses totalled EUR -267 million, vs. EUR -158 million in H1 24.
Net profits from other assets
The Corporate Centre recognised EUR 57 million in net profits from other assets during the quarter, mainly related to the completion of the disposal of Societe Generale Burkina Faso in June 2025.
Group net income
The Corporate Centre’s Group net income totalled EUR -188 million for the quarter, vs. EUR -225 million in Q2 24.
The Corporate Centre’s Group net income totalled EUR -176 million in the first half, vs. EUR -551 million in H1 24.
8. 2025 FINANCIAL CALENDAR
| 2025 and 2026 Financial communication calendar |
7 October 2025 Ex-dividend date
9 October 2025 Payment of the interim dividend
30 October 2025 Third quarter and nine months 2025 results
6 February 2026 Fourth quarter and full year 2025 results
30 April 2026 First quarter 2026 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 |
Q2 25 |
Q2 24 |
Variation |
H1 25 |
H1 24 |
Variation |
| French Retail, Private Banking and Insurance |
488 |
240 |
x 2.0 |
909 |
271 |
x 3.4 |
| Global Banking and Investor Solutions |
750 |
776 |
-3.4% |
1,606 |
1,473 |
+9.0% |
| Mobility, International Retail Banking & Financial Services |
404 |
321 |
+25.7% |
722 |
599 |
+20.5% |
| Core Businesses |
1,642 |
1,322 |
+24.2% |
3,238 |
2,313 |
+40.0% |
| Corporate Centre |
(188) |
(225) |
+16.1% |
(176) |
(551) |
+68.0% |
| Group |
1,453 |
1,113 |
+30.6% |
3,061 |
1,793 |
+70.8% |
MAIN EXCEPTIONAL ITEMS
| In EURm |
Q2 25 |
Q2 24 |
H1 25 |
H1 24 |
| Operating expenses – Total one-off items and transformation charges |
(131) |
(127) |
(205) |
(479) |
| Transformation charges |
(30) |
(124) |
(104) |
(476) |
| Of which French Retail, Private Banking and Insurance |
(10) |
(45) |
(33) |
(127) |
| Of which Global Banking & Investor Solutions |
9 |
(29) |
(3) |
(183) |
| Of which Mobility, International Retail Banking & Financial Services |
(29) |
(50) |
(68) |
(119) |
| Of which Corporate Centre |
0 |
0 |
0 |
(47) |
| One-off items |
(101) |
(3) |
(101) |
(3) |
| Global Employee Share Ownership Programme |
(101) |
(3) |
(101) |
(3) |
| |
|
|
|
|
| Other one-off items – Total |
75 |
(8) |
277 |
(88) |
| Net profits or losses from other assets |
75 |
(8) |
277 |
(88) |
CONSOLIDATED BALANCE SHEET
| In EUR m |
|
30/06/2025 |
31/12/2024 |
| Cash, due from central banks |
|
148,782 |
201,680 |
| Financial assets at fair value through profit or loss |
|
566,690 |
526,048 |
| Hedging derivatives |
|
7,769 |
9,233 |
| Financial assets at fair value through other comprehensive income |
|
103,297 |
96,024 |
| Securities at amortised cost |
|
49,240 |
32,655 |
| Due from banks at amortised cost |
|
81,711 |
84,051 |
| Customer loans at amortised cost |
|
446,154 |
454,622 |
| Revaluation differences on portfolios hedged against interest rate risk |
|
(330) |
(292) |
| Insurance and reinsurance contracts assets |
|
494 |
615 |
| Tax assets |
|
4,198 |
4,687 |
| Other assets |
|
73,477 |
70,903 |
| Non-current assets held for sale |
|
4,018 |
26,426 |
| Investments accounted for using the equity method |
|
442 |
398 |
| Tangible and intangible fixed assets |
|
60,465 |
61,409 |
| Goodwill |
|
5,084 |
5,086 |
| Total |
|
1,551,491 |
1,573,545 |
| In EUR m |
|
30/06/2025 |
31/12/2024 |
| Due to central banks |
|
10,957 |
11,364 |
| Financial liabilities at fair value through profit or loss |
|
406,704 |
396,614 |
| Hedging derivatives |
|
13,628 |
15,750 |
| Debt securities issued |
|
156,922 |
162,200 |
| Due to banks |
|
100,588 |
99,744 |
| Customer deposits |
|
518,397 |
531,675 |
| Revaluation differences on portfolios hedged against interest rate risk |
|
(6,129) |
(5,277) |
| Tax liabilities |
|
2,261 |
2,237 |
| Other liabilities |
|
94,155 |
90,786 |
| Non-current liabilities held for sale |
|
3,526 |
17,079 |
| Insurance and reinsurance contracts liabilities |
|
156,370 |
150,691 |
| Provisions |
|
3,916 |
4,085 |
| Subordinated debts |
|
12,735 |
17,009 |
| Total liabilities |
|
1,474,030 |
1,493,957 |
| Shareholder’s equity |
|
– |
– |
| Shareholders’ equity, Group share |
|
– |
– |
| Issued common stocks and capital reserves |
|
20,657 |
21,281 |
| Other equity instruments |
|
8,762 |
9,873 |
| Retained earnings |
|
36,741 |
33,863 |
| Net income |
|
3,061 |
4,200 |
| Sub-total |
|
69,221 |
69,217 |
| Unrealised or deferred capital gains and losses |
|
(928) |
1,039 |
| Sub-total equity, Group share |
|
68,293 |
70,256 |
| Non-controlling interests |
|
9,168 |
9,332 |
| Total equity |
|
77,461 |
79,588 |
| Total |
|
1,551,491 |
1,573,545 |
- APPENDIX 2: METHODOLOGY
1 –The financial information presented for the second quarter and first half 2025 was examined by the Board of Directors on July 30th, 2025 and has been prepared in accordance with IFRS as adopted in the European Union and applicable at that date. The limited review procedures on the condensed interim statement at 30 June 2025 carried by the Statutory Auditors are currently underway.
2 – Net banking income
The pillars’ net banking income is defined on page 38 of Societe Generale’s 2025 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, 2024. The term “costs” is also used to refer to Operating Expenses. The Cost/Income Ratio is defined on page 38 of Societe Generale’s 2025 Universal Registration Document.
4 – Cost of risk in basis points, coverage ratio for doubtful outstandings
The cost of risk is defined on pages 39 and 748 of Societe Generale’s 2025 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 |
|
Q2-25 |
Q2-24 |
S1-25 |
S1-24 |
| French Retail, Private Banking and Insurance |
Net Cost Of Risk |
146 |
173 |
317 |
420 |
| Gross loan Outstandings |
230,025 |
236,044 |
231,781 |
237,219 |
| Cost of Risk in bp |
25 |
29 |
27 |
35 |
| Global Banking and Investor Solutions |
Net Cost Of Risk |
81 |
21 |
136 |
1 |
| Gross loan Outstandings |
171,860 |
164,829 |
172,321 |
163,643 |
| Cost of Risk in bp |
19 |
5 |
16 |
0 |
| Mobility, International Retail Banking & Financial Services |
Net Cost Of Risk |
126 |
189 |
250 |
370 |
| Gross loan Outstandings |
144,329 |
166,967 |
151,727 |
167,429 |
| Cost of Risk in bp |
35 |
45 |
33 |
44 |
| Corporate Centre |
Net Cost Of Risk |
2 |
4 |
(4) |
(5) |
| Gross loan Outstandings |
26,404 |
24,583 |
25,998 |
23,974 |
| Cost of Risk in bp |
3 |
6 |
(3) |
(5) |
| Societe Generale Group |
Net Cost Of Risk |
355 |
387 |
699 |
787 |
| Gross loan Outstandings |
572,618 |
592,422 |
581,827 |
592,265 |
| Cost of Risk in bp |
25 |
26 |
24 |
27 |
The gross coverage ratio for doubtful 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 (“doubtful”).
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 39 and 40 of Societe Generale’s 2025 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 40 of Societe Generale’s 2025 Universal Registration Document. Since Q1 25 results, with restated historical data, normative return to businesses is based on a 13% capital allocation. The Q1 25 allocated capital includes the regulatory impacts related to Basel IV, applicable since 1 January 2025.
Group net income used for the ratio numerator is the accounting Group net income adjusted for “Interest paid and payable to holders of 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) |
Q2-25 |
Q2-24 |
H1 25 |
H1 24 |
| Shareholders’ equity Group share |
68,293 |
66,829 |
68,293 |
66,829 |
| Deeply subordinated and undated subordinated notes |
(8,386) |
(9,747) |
(8,386) |
(9,747) |
| Interest payable to holders of deeply & undated subordinated notes, issue premium amortisation(1) |
23 |
(19) |
23 |
(19) |
| OCI excluding conversion reserves |
512 |
705 |
512 |
705 |
| Distribution provision(2) |
(2,375) |
(718) |
(2,375) |
(718) |
| ROE equity end-of-period |
58,067 |
57,050 |
58,067 |
57,050 |
| Average ROE equity |
58,579 |
56,797 |
58,743 |
56,660 |
| Average Goodwill(3) |
(4,174) |
(4,073) |
(4,182) |
(4,040) |
| Average Intangible Assets |
(2,787) |
(2,937) |
(2,811) |
(2,947) |
| Average ROTE equity |
51,618 |
49,787 |
51,749 |
49,673 |
| |
|
|
|
|
| Group net Income |
1,453 |
1,113 |
3,061 |
1,793 |
| Interest paid and payable to holders of deeply subordinated notes and undated subordinated notes, issue premium amortisation |
(200) |
(190) |
(387) |
(356) |
| Adjusted Group net Income |
1,253 |
923 |
2,674 |
1,437 |
| ROTE |
9.7% |
7.4% |
10.3% |
5.8% |
141516
RONE calculation: Average capital allocated to Core Businesses (in EURm)
| In EURm |
Q2 25 |
Q2 24 |
Change |
H1 25 |
H1 24 |
Change |
| French Retail , Private Banking and Insurance |
17,412 |
16,690 |
+4.3% |
17,549 |
16,605 |
+5.7% |
| Global Banking and Investor Solutions |
17,894 |
16,313 |
+9.7% |
18,109 |
16,162 |
+12.0% |
| Mobility, International Retail Banking & Financial Services |
10,535 |
11,247 |
-6.3% |
10,955 |
11,250 |
-2.6% |
| Core Businesses |
45,841 |
41,180 |
+11.3% |
46,613 |
40,955 |
+13.8% |
| Corporate Center |
12,738 |
12,544 |
+1.5% |
12,130 |
12,644 |
-4.1% |
| Group |
58,579 |
56,797 |
+3.1% |
58,743 |
56,660 |
+3.7% |
6 – Net assets and tangible net assets
Net assets and tangible net assets are defined in the methodology, page 41 of the Group’s 2025 Universal Registration Document. The items used to calculate them are presented below:
1718
| End of period (in EURm) |
H1 25 |
Q1 25 |
2024 |
| Shareholders’ equity Group share |
68,293 |
70,556 |
70,256 |
| Deeply subordinated and undated subordinated notes |
(8,386) |
(10,153) |
(10,526) |
| Interest of deeply & undated subordinated notes, issue premium amortisation(1) |
23 |
(60) |
(25) |
| Book value of own shares in trading portfolio |
(46) |
(44) |
8 |
| Net Asset Value |
59,884 |
60,299 |
59,713 |
| Goodwill(2) |
(4,173) |
(4,175) |
(4,207) |
| Intangible Assets |
(2,776) |
(2,798) |
(2,871) |
| Net Tangible Asset Value |
52,935 |
53,326 |
52,635 |
| |
|
|
|
| Number of shares used to calculate NAPS(3) |
776,296 |
783,671 |
796,498 |
| Net Asset Value per Share |
77.1 |
76.9 |
75.0 |
| Net Tangible Asset Value per Share |
68.2 |
68.0 |
66.1 |
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 pages 40-41 of Societe Generale’s 2025 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) |
H1 25 |
Q1 25 |
2024 |
| Existing shares |
800,317 |
800,317 |
801,915 |
| Deductions |
|
|
|
| Shares allocated to cover stock option plans and free shares awarded to staff |
2,175 |
2,586 |
4,402 |
| Other own shares and treasury shares |
12,653 |
7,646 |
2,344 |
| Number of shares used to calculate EPS(4) |
785,488 |
790,085 |
795,169 |
| Group net Income (in EURm) |
3,061 |
1,608 |
4,200 |
| Interest on deeply subordinated notes and undated subordinated notes (in EURm) |
(387) |
(188) |
(720) |
| Adjusted Group net income (in EURm) |
2,674 |
1,420 |
3,481 |
| EPS (in EUR) |
3.40 |
1.80 |
4.38 |
19
8 – Solvency and leverage ratios
Shareholder’s equity, risk-weighted assets and leverage exposure are calculated in accordance with applicable CRR3/CRD6 rules, transposing the final Basel III text, also called Basel IV, including the procedures provided by the regulation for the calculation of phased-in and fully loaded ratios. The solvency ratios and leverage ratio are presented on a pro-forma basis for the current year’s accrued results, net of dividends, unless otherwise stated.
20
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 around 119,000 employees serving more than 26 million clients in 62 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).
In case of doubt regarding the authenticity of this press release, please go to the end of the Group News page on societegenerale.com website where official Press Releases sent by Societe Generale can be certified using blockchain technology. A link will allow you to check the document’s legitimacy directly on the web page.
For more information, you can follow us on Twitter/X @societegenerale or visit our website societegenerale.com.
1 Out of a total contemplated distribution accrual of EUR 1.77 per share at end H1 25 based on a pay-out ratio of 50% of the H1 25 Group net income restated from non-cash items (including GESOP) and after deduction of interest on deeply subordinated notes and undated subordinated notes, pro forma including H1 25 results and including interim cash dividend; the distribution policy being based on a balanced mix of the payout between cash dividend and share buy-back
2 A non-cash item with no impact on the CET1 ratio, and therefore no impact on distributable net income
3 Ratio calculated according to EBA methodology published on 16 July 2019
4 Ratio excluding loans outstanding of companies currently being disposed of in compliance with IFRS 5
5 Ratio of S3 provisions, guarantees and collaterals over gross outstanding non-performing loans
6 6 February 2025 – Q4 2024 Financial Results – Presentation – Page 6
7 Cf. Description of the share buy-back program of 17 May 2024 relating to the 22nd resolution of the Combined general meeting of shareholders of 22 May 2024, for which the authorisation for the company to purchase its own shares is valid until 22 November 2025
8 Including Basel IV phasing
9 Excluding asset diposals (Switzerland and the United Kingdom)
10 France Best Digital Bank, Awards for Excellence, Euromoney July 2025
11 Mainly hyperinflation in Turkey
12 Excluding impacts of depreciation adjustments
13 As disclosed in Ayvens Q2 25 earnings report, excluding revenues from used vehicle sales and non-recurring items
14 Interest net of tax
15 The dividend to be paid is calculated based on a pay-out ratio of 50%, restated from non-cash items and after deduction of interest on deeply subordinated notes and on undated subordinated notes, and including the additional share buy-back of EUR 1bn for Q1 25 and H1 25
16 Excluding goodwill arising from non-controlling interests
17 Interest net of tax
18 Excluding goodwill arising from non-controlling interests
19 The number of shares considered is the number of ordinary shares outstanding at end of period, excluding treasury shares and buy-backs, but including the trading shares held by the Group (expressed in thousands of shares)
20 The number of shares considered is the average number of ordinary shares outstanding during the period, excluding treasury shares and buy-backs, but including the trading shares held by the Group (expressed in thousands of shares)
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