Societe Generale SA (SCGLF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, welcome to the CCTA General First Quarter 2025 Results Conference Call. I now hand over to Mr. Slava Merkupa, Chief Executive Officer. Please go ahead, sir. Thank you. Good morning, everyone, and thank you for joining us today. I am very pleased to be here with you to present, together with Leo, our first quarter results. I am happy with our performance this quarter. and I am proud of the work and commitment from all of the SG teams. We still have a lot of work ahead of us, but our renewed ability to execute consistently and with discipline makes me confident that we will continue to build on our strong momentum. The environment is uncertain for sure, and our progress will not always advance in a straight line, but it will be consistent and predictable. We have taken what was once merely our aspirations and transformed them into a tangible execution track record. Since the CMD, the results we deliver continue to get better. Our strategy is paying off. Revenues are up by 10%, excluding asset disposals. This is above our full-year target of more than 3% growth. We committed. to at least a 1% cost reduction excluding disposals, the reality is we did better than that, reducing costs by more than 4% in Q1. As a result, we reached a cost-to-income of 65% this quarter. This compares with our target of less than 66% by year-end. That's an improvement of 10 percentage points versus Q1 24. In addition, if the taxes that are entirely accounted for in Q1 were spread equally during the year, the cost-to-income ratio would stand at 62% this quarter. Our cost of risk is low and remains below our guidance range at 23 basis points. Leo will give you more details, but I would like to flag that it includes an increase in our S-1 provisions, reflecting our cautious...