Societe Generale S.a. Class A · EURONEXT:GLE
Societe Generale S.a. Class A — Q1 2024 Earnings Presentation
66 slides from Societe Generale S.a. Class A's earnings presentation, May 3, 2024
Slide 1: Societe Generale Group Results First quarter 2024
Societe Generale Group Results First quarter 2024 results
Slide 2: Disclaimer
Disclaimer The financial information on Societe Generale for its first can be no assurance that anticipated events will occur or that independently verified these third-party sources and cannot quarter 2024 financial results comprises this presentation and the objectives set out will actually be ach
Slide 3: Quarterly results
Quarterly results Income Balance Sheet Main highlights Statement and Capital Executing the strategic roadmap Revenues CET1 . Agreements for the disposals of Societe Generale Equipment EUR 6.6bn in Q1 24 Finance(3) and Moroccan activities(4) 13.2%(1) at end of Q1 24 . Head office streamlining project
Slide 4: 1. Group performance
1. Group performance
Slide 5: Q1 operating performance
Q1 24 operating performance Q1 24 revenues (EURm) Q1 24 operating expenses (EURm) 7,043 6,671 -73 -141 +84 -3 +107 6,645 6,245 5,057 -608 +171 4,980 +254 +106 Q1 21 Q1 22 Q1 23 RPBI(1) GBIS(2) MLS(3) IRB(4) Corporate Q1 24 Q1 23 IFRIC 21 CTA(5) LeasePlan Other Q1 24 IFRS 4 IFRS 17 IFRS 17 Centre IFR
Slide 6: Cost of risk in line with guidance, prudent S1/S2 provisions
Cost of risk in line with guidance, prudent S1/S2 provisions Cost of risk(1) Total S1/S2 provisions(2) (in EURm) In EURm In bps Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 3,622 3,769 3,572 3,355 3,286(3) Group 13 12 21 24 27 2,282 2,379 1,987 2,503 2,304 French Retail, Private Banking and 2,133 Stage 2 14 18 24
Slide 7: Strong capital
Strong capital Change in CET1 ratio(1) (in bps) Risk-weighted assets (in EURbn) 361 389 388 +17bps -11bps +8bps +3bps -9bps -1bp 13.2% 13.1% +2bps IFRS 9 +6bps phasing Q1 23 Q4 23 Q1 24 Main regulatory ratios Requirements Ratios(1) CET1 10.22% 13.2% 31.12.23 Organic Distributable Organic M&A Regulat
Slide 8: Group results
Group results In EURm Q1 24 Q1 23 Change Net banking income 6,645 6,671 -0.4% -4.8%* Operating expenses (4,980) (5,057) -1.5% -6.3%* Gross operating income 1,665 1,614 +3.2% +0.0%* Net cost of risk (400) (182) x 2.2 x 2.1* Operating income 1,265 1,432 -11.7% -15.1%* Net profits or losses from other
Slide 9: 2. Business performance
2. Business performance SOCIETE GENERALE
Slide 10: SG network, Private Banking and Insurance
SG network, Private Banking and Insurance Loans and deposits outstanding of SG network -5% -5% Av. loans outstanding vs. Q1 23 Av. deposits outstanding vs. Q1 23 Growing corporate loans outstanding excl. PGE, In EURbn In EURbn +1.2% vs. Q1 23 driven by short term loans (PGE -33% vs. Q1 23) 245 Rebou
Slide 11: NII of French Retail, Private Banking and Insurance
NII of French Retail, Private Banking and Insurance Deposits outstanding NII main building blocks French market Q1 24 NII impacted by remaining short term hedges (~-EUR 270m), Basis 100 in Sept 23 which will mature in Q2 24 (~-EUR 150m drag in Q2) 104 100 Corporate deposits⁽¹⁾ Stable deposits vs. Q4
Slide 12: BoursoBank
BoursoBank +54% +28% New client onboarding vs. Q1 23 Total clients vs. Q1 23 Client acquisition and satisfaction In ′000 In m 6.3 High client acquisition pace at +457k in Q1 24 4.9 +1.4m net total clients vs. end Q1 23 457 3.7 388 Low and decreasing churn 297 #1 in client satisfaction in the banking
Slide 13: French Retail, Private Banking and Insurance results
French Retail, Private Banking and Insurance results Revenues -3.5% vs. Q1 23 (-3.9% excl. PEL/CEL) In EURm Q1 24 Q1 23 Change Net interest income excl. PEL/CEL -2.9% vs. Q1 23, +3.1% vs. Q4 23 Net banking income 2,010 2,083 -3.5% Fees +1.6% vs. Q1 23, +8.0% vs. Q4 23(1) Net banking income excl. PEL
Slide 14: Global Markets and Investor Services
Global Markets and Investor Services Revenues: -9% vs. Q1 23 Q1 24 Global Markets revenues Global Markets revenues down -7% vs. Q1 23 (EURm) Equities +3% vs. Q1 23 1,780 1,724 Solid performance in a low volatility environment driven by the 1,603 rise in equity indices 768 Strong commercial momentum
Slide 15: Financing and Advisory
Financing and Advisory Revenues: +3% vs. Q1 23 at EUR 859m Q1 24 F&A revenues Global Banking and Advisory +2% vs. Q1 23 (EURm) Strong overall commercial performance 859 Very strong momentum in Asset Backed Products 793 830 Good commercial dynamic in Natural Resources Less conducive market conditions
Slide 16: Global Banking and Investor Solutions
Global Banking and Investor Solutions Revenues -5% vs. Q1 23 Global Markets and Investor Services -9% vs. a high Q1 23 Financing and Advisory +3% vs. Q1 23 In EUR m Q1 24 Q1 23 Change Net banking income 2,623 2,764 -5.1% -5.0%* Operating expenses (1,757) (2,072) -15.2% -15.0%* Operating expenses dow
Slide 17: International Retail Banking
International Retail Banking Stable +2% Loans outstanding vs. Q1 23 Deposits outstanding vs. Q1 23 Europe In EURbn In EURbn Loans up across segments both in Romania and Czech Republic (+12%* and +5%* respectively vs. Q1 23) 53 53 54 Deposits increase, driven by Romania (+14%* vs. Q1 23) and 41 42 41
Slide 18: Mobility and Leasing Services
Mobility and Leasing Services Revenues: +8% vs. Q1 23 Ayvens NBI +14% in Q1 24 vs. Q1 23 Earning assets: +12.5% vs. Q1 23, +1.4% vs. Q4 23 Q1 24 revenues (EURm) Stabilisation of margins(1) at 522bps(2), +3.7% vs. Q4 23 in euros UCS results per unit still at high level (EUR 1,661(3)) 1,116 Fleet reva
Slide 19: International Retail, Mobility and Leasing Services
International Retail, Mobility and Leasing Services Revenues +4% vs. Q1 23 In EURm Q1 24 Q1 23 Change International Retail Banking stable vs. Q1 23 Net banking income 2,149 2,068 +3.9% -13.2%* Mobility and Leasing Services +8% vs. Q1 23 Operating expenses (1,352) (1,088) +24.3% +2.6%* Gross operatin
Slide 20: Corporate Centre
Corporate Centre In EURm Q1 24 Q1 23 Net banking income (137) (244) Operating expenses Operating expenses (143) (60) ~EUR 50m of transformation charges Gross operating income (280) (304) Net cost of risk 9 3 Net profits or losses from other assets (84) (21) Net profits or losses from other assets In
Slide 21: Shaping new models for sustainability
Shaping new models for sustainability Partnering to catalyse Shifting business models ESG development Continued acceleration of portfolio decarbonisation with new Co-launch of first climate-aligned finance framework NZBA target on aviation : -18% carbon emissions intensity by for aviation sector 203
Slide 22: 3. Conclusion
3. Conclusion SOCIETE GENERALE
Slide 23: 2024 guidance confirmed
2024 guidance confirmed 2024 2026 2023 GUIDANCE Q1 24 GUIDANCE REVENUES CAGR -8% ≥+5% vs. 2023 -0.4% ≥+5% vs. 2023 REVENUES 0%-2% vs. 2022 i.e. ~-1.5% vs. Q1 23 i.e. ~-1.5% CAGR 2022-2024 CAGR2022-2026 CAGR 2022-2024 COST / INCOME RATIO 73.8% <71% 74.9% C/I RATIO <60% in 2023 in 2024 in Q1 24 in2026
Slide 24: 4. Supplement
4. Supplement SOCIETE GENERALE
Slide 25: NZBA portfolio alignment targets (1/2)
NZBA portfolio alignment targets (1/2) Societe Generale’s alignment targets are presented in more detail in its Climate and Alignment report: Climate and Alignment Report – December 2023 (societegenerale.com) EMISSIONS SECTOR BOUNDARY METRICS SCOPE SCENARIO BASELINE & TARGET Oil & Gas 100 -50% Finan
Slide 26: NZBA portfolio alignment targets (2/2)
NZBA portfolio alignment targets (2/2) EMISSIONS SECTOR & SCOPE METRICS SCENARIO BASELINE & TARGET SCOPE Cement 671 KgCO2e/tcement -20% 535 463 LIMESTONE MANUFACTURING CONCRETES CONSTRUCTION IEA’s NZE2050 QUARRYING INDUSTRY kgCO2e/t cement(1) Scopes 1 & 2 scenario 2022 2030 IEA 2030 4.0 Steel SSPAli
Slide 27: Well recognized by extra-financial rating agencies
Well recognized by extra-financial rating agencies AGENCIES BEST SCORE WORST AAA AA A BBB BB B CCC 0 20 30 40 80+ 19.6 Low Risk 100 60 50 30 0 69 100 60 57 54 30 0 69 A+ C+ C C- D+ D D- Prime A A- B B- C C- D D- NB: Ratings represent those allocated at annual reviews. Number of companies in each age
Slide 28: Key ESG targets
Key ESG targets Focused on fossil fuel financing reduction Engaging our business ‒ Oil & Gas: -80% upstream exposure reduction by 2030 vs. 2019, EUR 300bn to support sustainable finance 2022 - 2025 with an intermediary step in 2025 at -50% vs. 2019 Insurance: x2 green AuM by 2025 vs. 2020 ‒ Thermal
Slide 29: Overview of exceptional items
Overview of exceptional items In EURm Q1 24 Q1 23 Operating expenses - Total one-off items and transformation charges 352 246 Transformation charges 352 246 Of which French Retail, Private Banking and Insurance 81 150 Of which Global Banking & Investor Solutions 154 29 Of which International Retail,
Slide 30: Group: IFRIC impact
Group IFRIC 21 impact Total IFRIC 21 Impact o/w Resolution Funds - costs In EURm Q1 24 Q1 23 Q1 24 Q1 23 French Retail, Private Banking and Insurance (47) (171) 0 (116) Global Banking and Investor Solutions (106) (599) 0 (491) Global Markets and Investor Services (85) (434) 0 (361) Financing and Adv
Slide 31: Quarterly income statement by core business
Group Quarterly income statement by core business French Retail, Private Banking Global Banking and Investor International Retail, Mobility and Corporate Centre Group and Insurance Solutions Leasing Services In EURm Q1 24 Q1 23 Q1 24 Q1 23 Q1 24 Q1 23 Q1 24 Q1 23 Q1 24 Q1 23 Net banking income 2,010
Slide 32: CRR2/CRD5 prudential capital ratios
Group CRR2/CRD5 prudential capital ratios Phased-in Common Equity Tier 1, Tier 1 and Total Capital In EURbn 31.03.2024 31.12.2023 Shareholder equity Group share 67.3 66.0 (1) Deeply subordinated notes (10.1) (9.1) (2) Distribution to be paid & interest on subordinated notes (1.4) (1.1) Goodwill and
Slide 33: CRR2 leverage ratio
Group CRR2 leverage ratio CRR2 phased-in Leverage Ratio(1) In EURbn 31.03.2024 31.12.2023 Tier 1 Capital 61.3 60.5 Total prudential balance sheet(2) 1,429 1,397 Adjustments related to derivative financial instruments (1) 0 (3) Adjustments related to securities financing transactions 16 14 Off-balanc
Slide 34: TLAC and MREL ratios
Group TLAC and MREL ratios TLAC Q1 24 ratios MREL Q1 24 ratios % RWA EUR bn % Leverage % RWA EUR bn % Leverage 32.5% EUR 126bn 34.2% EUR 133bn 3.5% 14 SP 5.3% 21 SNP SP T2 ⁽¹⁾ 27.2% 9.6% 37 SNP 22.3% AT1 9.6% 37 T2 ⁽¹⁾ CET1 AT1 3.6% 14 CET1 3.6% 14 2.6% 10 EUR 112bn 8.6% 9.1% o.w. 2.6% 10 EUR 112bn
Slide 35: Risk-weighted assets
Group Risk-weighted assets(1) (CRR2/CRD5, in EUR bn) 388.8 388.2 361.0 50.1 50.1 130.0 128.9 46.0 121.5 12.5 12.0 118.5 118.7 7.6 118.5 119.6 113.7 7.5 105.5 5.2 5.2 0.2 0.3 4.6 0.0 0.0 29.0 29.3 29.3 12.7 Total 5.1 0.2 0.0 11.3 10.7 Operational 10.4 Market 122.2 121.1 326.2 326.1 113.3 113.6 108.9
Slide 36: Geographic breakdown of Group commitment
Group Geographic breakdown of SG Group commitment at 31.03.2024 On-and off-balance sheet EAD(1) All customers included: EUR 1,151bn Africa and Middle Latin America and East 3% Caribbean 1% Asia Pacific 6% Eastern Europe (EU) 8% France 43% North America 16% Western Europe (excl. France) 23% (1) Total
Slide 37: Change in gross book outstandings
Group Change in gross book outstandings(1) End of period in EURbn 594.7 597.0 597.8 579.9 585.0 586.1 572.4 592.0 568.5 Total 131.9 138.1 139.3 163.5 164.3 142.3 137.8 166.7 141.9 International Retail, Mobility & Leasing Services Global Banking and Investor Solutions 190.7 190.1 182.9 176.9 170.7 17
Slide 38: Cost of risk
Group Cost of risk In EURm Q1 24 Q1 23 Net Cost Of Risk 247 89 French Retail, Private Banking and Gross loan Outstandings 238,394 252,689 Insurance Cost of Risk in bp 41 14 Net Cost Of Risk (19) 5 Global Banking and Investor Solutions Gross loan Outstandings 162,457 177,590 Cost of Risk in bp (5) 1
Slide 39: Non-performing loans
Group Non-performing loans In EUR bn 31.03.2024 31.12.2023 31.03.2023 Performing loans 509.7 535.5 551.5 inc. Stage 1 book outstandings ⁽¹⁾ 456.9 480.5 495.9 inc. Stage 2 book outstandings 38.1 39.4 39.1 Non-performing loans 15.0 16.1 15.9 inc. Stage 3 book outstandings 15.0 16.1 15.9 Total Gross bo
Slide 40: Low residual Russian exposure
Low residual Russian exposure Limited Russian exposure Offshore Exposure breakdown Offshore portfolio reduced by ~-80% Corporate gross exposure by type as of 31 March 24 Evolution of exposure at default (EUR bn) 3.2 16% 2.6 ECA-backed 1.8 17% 1.6 Pre-export Finance 1.0 0.9 0.7 66% Term Loan 31-Dec-2
Slide 41: Limited and sound commercial real estate exposure
Limited and sound commercial real estate exposure Diversified exposure European portfolio US portfolio Commercial real estate gross exposure by geography (%) European commercial real estate gross exposure by asset class (%) US commercial real estate gross exposure by asset class (%) France Office 6%
Slide 42: Focus on exposures
Focus on exposures Corporate portfolio breakdown Most sensitive exposures Corporate EAD(1) in each sector(2) in % of total group EAD at 31.03.2024 COMMERCIAL REAL ESTATE: ~2% of total Group EAD Total group EAD: EUR 1,151bn Financial services 7.0% CONSTRUCTION: ~1.2% of total Group EAD Utilities 2.8%
Slide 43: IFRS 9 expected credit loss monitoring
IFRS 9 expected credit loss monitoring METHODOLOGY APPLIED As of Q1 24, IFRS 9 parameters were updated in order to take into account the current economic environment: • 3 macroeconomic scenarios were retained to capture the uncertainties around the general economic context and the war in Ukraine: ce
Slide 44: Change in trading VaR and stressed VaR
Group Change in trading VaR(1) and stressed VaR(2) Quarterly Average of 1-Day, 99% Trading VaR(1) (in EURm) 24 25 27 24 24 15 18 17 13 23 18 18 17 21 15 12 __ Trading VaR(1) 14 11 Credit 18 17 15 14 16 17 Interest Rates 12 15 10 Equity 8 11 12 14 14 13 Forex 9 9 11 3 4 3 2 Commodities 2 2 2 2 2 1 1
Slide 45: Liquidity profile and deposit base
Liquidity profile and deposit base Robust balance sheet Diversified deposit base Funded balance sheet(1)(2) in EURbn as of Q1 24 In EURbn as of Q1 24 961 970 970 961 Short term wholesale funding 64 Net deposits in 17 TLTRO 209 French retail central banks HQLA⁽³⁾ 96 International banking Interbank lo
Slide 46: Long term funding program
Long term funding program 2024 vanilla long term funding program well advanced 2024 vanilla funding program well advanced with Program Issued* ~85% execution rate as of 18 April 2024 (in EUR bn) (in EUR bn) Secured notes ~3 ~ 2.6 Senior Preferred notes ~8 ~ 5.7 c. EUR 17.4bn of vanilla notes issued
Slide 47: Liquid asset buffer
Group Liquid asset buffer Liquid Asset Buffer (in EURbn) 316 316 309 296 284 Strong liquidity reserves further strengthened 29 27 28 28 (+EUR 20bn vs. Q1 23) 25 55 74 81 56 57 . Significant part of cash at Central Banks (EUR 206bn as of Q1 24 vs. EUR 212bn as of Q1 23) . HQLA (EUR 81bn net of haircu
Slide 48: EPS calculation
Group EPS calculation Average number of shares (thousands) Q1 24 2023 2022 Existing shares 802,980 818,008 845,478 Deductions Shares allocated to cover stock option plans and free shares awarded to staff 5,277 6,802 6,252 Other own shares and treasury shares 0 11,891 16,788 (1) Number of shares used
Slide 49: Net asset value, tangible net asset value
Group Net asset value, tangible net asset value End of period (in EURm) Q1 24 2023 2022 Shareholders' equity Group share 67,342 65,975 66,970 Deeply subordinated and undated subordinated notes (10,166) (9,095) (10,017) Interest payable to holders of deeply & undated subordinated notes, issue premium
Slide 50: ROE/ROTE calculation detail
Group ROE/ROTE calculation detail End of period (in EURm) Q1 24 Q1 23 Shareholders' equity Group share 67,342 68,747 Deeply subordinated and undated subordinated notes (10,166) (10,823) Interest payable to holders of deeply & undated subordinated notes, issue premium amortisation(1) (71) (102) OCI e
Slide 51: French Retail, Private Banking and Insurance: quarterly results
French Retail, Private Banking and Insurance Quarterly results French Retail, Private Banking O.w Insurance and Insurance In EURm Q1 24 Q1 23 Change Q1 24 Q1 23 Change Commissions Net banking income 2,010 2,083 -3.5% 166 153 +8.5% #REF! vs. Q1 23 Operating expenses (1,728) (1,837) -5.9% (41) (29) +4
Slide 52: French Retail: Net banking income
French Retail, Private Banking and Insurance Net banking income NBI (in EURm) 2,083 2,105 2,010 -3.5% 1,953 Commissions 153 176 1,883 166 150 #REF! vs. Q1 23 142 1,014 1,022 Insurance Revenues 1,019 +9.7% 947 983 Fees Net interest margin #REF! vs. Q1 23 -94.2% Net Interest Margin 846 808 -2.9% Other
Slide 53: French Retail: Customer deposits and financial savings
French Retail, Private Banking and Insurance Customer deposits and financial savings Average outstandings (in EURbn) 462 461 462 467 459 133 133 132 136 141 27 28 29 31 31 Life Insurance (1) Securities, Mutual Funds and Others 146 138 133 161 153 Sight Deposits PEL 15 15 16 17 16 Regulated Savings 8
Slide 54: French Retail: Loans outstanding
French Retail, Private Banking and Insurance Loans outstanding Average outstandings, net of provisions (in EURbn) 244 241 237 234 -5.5% 231 124 124 122 120 119 -4.6% Housing 19 17 16 15 -23.3% 15 Consumer Credit and Overdraft Business 100 100 99 -2.1% Customers(1) and 99 98 Financial Institutions 0.
Slide 55: French Retail: Insurance key figures
French Retail, Private Banking and Insurance Insurance key figures Life Insurance Outstandings Personal Protection Insurance Premiums (in EURm) and Unit Linked Breakdown (in EURbn) 1% 350 131.8 1% 1% 132.9 133.3 136.2 140.5 300 268 271 250 268 1% 37% 38% 37% 265 258 1% 38% 39% 200 1% 150 0% 0% Unit
Slide 56: Global Banking and Investor Solutions: Quarterly results
Global Banking and Investor Solutions Quarterly results Global Markets and Investor Total Global Banking and Investor Financing and Advisory Services Solutions In EURm Q1 24 Q1 23 Change Q1 24 Q1 23 Change Q1 24 Q1 23 Change Net banking income 1,764 1,934 -8.7%* 859 830 +3.6%* 2,623 2,764 -5.1% -5.0
Slide 57: Global Banking and Investor Solutions: Key financial indicators
Global Banking and Investor Solutions Key financial indicators Global Markets and Investor Services RWA (in EURbn) Financing and Advisory RWA (in EURbn) 60.3 60.4 60.3 61.2 58.0 59.3 5.6 5.8 5.8 23.3 0.9 0.9 0.8 23.5 23.5 Operational 10.5 9.6 9.9 53.8 53.7 53.7 Market 27.4 24.9 25.8 Credit Q1 23 Q4
Slide 58: Global Banking and Investor Solutions: Revenues
Global Banking and Investor Solutions Revenues Global Markets and Investor Services Revenues (in EURm) Financing & Advisory Revenues (in EURm) 210 161 179 168 Securities 892 144 733 Services 558 514 450 830 858 827 826 859 Fixed Income and Currencies 832 787 800 765 870 Equities Q1 23 Q2 23 Q3 23 Q4
Slide 59: Financing & Advisory: Supporting clients in their transformations
Financing & Advisory Supporting clients in their transformations Client proximity Siemens Energy Siemens Energy (SE) successfully secured an EUR 11bn sustainability-linked Innovation syndicated guarantee facility with a EUR 7.5bn counter guarantee from the Underwriter, Bookrunner & MLA German Govern
Slide 60: Global Banking and Investor Solutions: Recognised expertise
Global Banking and Investor Solutions Recognised expertise AWARDS & RANKINGS LEAGUE TABLES GLOBAL BANKING & ADVISORY GLOBAL MARKETS EnergyRisk Commodity SUSTAINABLE FINANCE & ESG PRODUCTS Rankings 2024 #1 Sustainability-Linked Bonds Global Global Finance SRP Europe Awards 2024 #1 Cross-commodity res
Slide 61: International Retail, Mobility and Leasing Services: Quarterly results
International Retail, Mobility and Leasing Services Quarterly results International Retail Banking Mobility and Leasing Services O.w Consumer finance Total In EURm Q1 24 Q1 23 Change Q1 24 Q1 23 Change Q1 24 Q1 23 Change Q1 24 Q1 23 Change Net banking income 1,033 1,036 +3.4%* 1,116 1,032 -29.8%* 22
Slide 62: International Retail Banking: Breakdown by region
International Retail Banking Breakdown by region – Quarterly results Czech Republic Romania Africa, Mediterranean basin Total International Retail and Overseas Banking In EURm Q1 24 Q1 23 Change Q1 24 Q1 23 Change Q1 24 Q1 23 Change Q1 24 Q1 23 Change Net banking income 313 331 -0.3%* 178 175 +2.8%*
Slide 63: Breakdown of loans and deposits outstanding
International Retail, Mobility and Leasing Services Breakdown of loans and deposits outstanding Breakdown of Loans Outstanding (in EURbn)(1) Variation Breakdown of Deposits Outstanding (in EURbn) Variation Q1 24 / Q1 23 Q1 24 / Q1 23 91.8 +43.3% 17.2 +386.8% Sub-total Mobility and Leasing 2.4 23.5 -
Slide 64: Presence in Africa
International Retail, Mobility and Leasing Services Presence in Africa Clients NBI Net income C/I RWA 4.2m EUR 0.5bn EUR 72m 56% EUR 23bn NBI RWA Credits Deposits L/D Ratio Ranking 3M 24 (in EUR m) (in EUR m) (in EUR m) (in EUR m) Morocco 122 7,677 8,174 7,248 113% 5th Algeria 48 1,659 1,580 2,724 5
Slide 65: Methodology (1/2)
Methodology (1/2) 1 – 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 taki
Slide 66: Methodology (2/2)
Methodology (2/2) 7 – The Societe Generale Group’s Common Equity Tier 1 capital is calculated in accordance with applicable CRR2/CRD5 rules. The phased-in ratios include the earnings for the current financial year and the related provision for dividends. The difference between phased-in ratio and fu