Societe Generale: First quarter 2022 earnings
RESULTS AT MARCH
31ST 2022
Press releaseParis, May 5th
2022
VERY GOOD FIRST
QUARTER
Strong
increase in revenues of
+16.6%
vs.
Q1
21
(+16.1%*)
with a solid performance by all the businesses particularly in
Global Markets, Financial Services and Financing & Advisory
Cost to income ratio
of
56.4%(1),
excluding contribution to the Single Resolution Fund, with a
positive jaws effect in all the businesses
Cost of risk
at 39 basis points, around 31 basis points excluding the Russian
assets currently being sold
2022 cost of risk expected between 30 and 35
basis points
Underlying Group net income of
EUR
1.57
billion(1)
(EUR 0.84 billion on a reported basis), an increase of +21.3% vs.
Q1 21
Underlying profitability (ROTE)
of
11.9%(1)
(6.0% on a reported basis)
CAPITAL
POSITION
CET 1 ratio of
12.9%(2)
at end-March 2022, around 370
basis points above the regulatory requirement
Residual net impact on capital
at closing of around
-6 basis points
from the contemplated
disposal of our activities in
Russia(3)
Confirmation
of the
distribution policy for 2021
CET 1 ratio 200-250 basis points
minimum above the regulatory requirement,
including after entry into force of the regulation finalising the
Basel III reform
FURTHER PROGRESS IN OUR
STRATEGIC
INITIATIVES
Planned acquisition of LeasePlan by
ALD: signing of the framework agreement
Partnership
between
Boursorama
and
ING: signing of the definitive
agreement
Planned merger of the retail
banking networks in
France: new branding of French
networks and conclusion of key agreements in terms of human
resources
Sustainable
finance: new target increased to EUR 300 billion
for the period 2022-2025
Fréderic
Oudéa, the Group’s Chief Executive
Officer, commented:
“This first quarter confirms the robustness and
resilience of our business model, with a strong performance by all
our businesses in a more uncertain environment, improved operating
leverage and a contained cost of risk. The planned disposal,
currently being finalised, of our activities in Russia, following
the abrupt change in this country’s outlook, will enable the Group
to withdraw in an effective and orderly manner, ensuring continuity
for both its employees and its customers. With new milestones
achieved this quarter, the Group is determinedly pursuing the
implementation of its strategic initiatives and remains focused on
its ambition of sustainable and profitable growth, combined with an
attractive shareholder distribution.”1. GROUP CONSOLIDATED
RESULTS
|
In EURm |
Q1 22 |
Q1 21 |
Change |
|
Net banking
income |
7,281 |
6,245 |
+16.6% |
+16.1%* |
|
Operating expenses |
(5,329) |
(4,748) |
+12.2% |
+12.5%* |
|
Underlying operating expenses(1) |
(4,325) |
(4,097) |
+5.6% |
+5.8%* |
|
Gross operating income |
1,952 |
1,497 |
+30.4% |
+27.3%* |
|
Underlying gross operating income(1) |
2,956 |
2,148 |
+37.6% |
+35.3%* |
|
Net cost of
risk |
(561) |
(276) |
x 2.0 |
x 2.0* |
|
Operating income |
1,391 |
1,221 |
+13.9% |
+10.6%* |
|
Underlying operating income(1) |
2,395 |
1,872 |
+27.9% |
+25.5%* |
|
Net profits or losses from other
assets |
2 |
6 |
-66.7% |
-64.8%* |
|
Income tax |
(353) |
(283) |
+24.8% |
+24.8%* |
|
Net income |
1,040 |
947 |
+9.8% |
+5.7%* |
|
O.w. non-controlling interests |
198 |
133 |
+48.9% |
+48.2%* |
|
Reported Group net
income |
842 |
814 |
+3.4% |
-0.9%* |
|
Underlying Group net
income(1) |
1,574 |
1,298 |
+21.3% |
+18.1%* |
|
ROE |
5.3% |
5.2% |
+0.0% |
+0.0%* |
|
ROTE |
6.0% |
5.9% |
+0.0% |
+0.0%* |
|
Underlying
ROTE(1) |
11.9% |
10.1% |
+0.0% |
+0.0%* |
(1) Adjusted for exceptional
items and linearisation of IFRIC 21 Societe Generale’s Board of
Directors, which met on May 4th, 2022 under the chairmanship of
Lorenzo Bini Smaghi, examined the Societe Generale Group’s results
for Q1 2022. The various restatements enabling the transition from
underlying data to published data are presented in the methodology
notes (section 10.5).
As announced on April 11th, 2022, an
agreement has been signed to sell
Rosbank and its Russian insurance
subsidiaries. This operation is expected to be closed in
the few coming weeks.
As a reminder the impact of the disposal of
Rosbank and the Group’s Russian insurance activities on the Group's
CET1 ratio is expected to be around -20 basis points(2), including
around - 6 basis points of residual net impact expected at closing
after reversal of rating migrations recorded in Q1 22 on the
related Russian assets. This contemplated disposal would lead to
the accounting in the Group’s income statement(3) of the write-off
of the net book value of the divested activities (~EUR 2 billion(4)
and an exceptional non-cash item with no impact on the Group’s
capital ratio (~EUR 1.1 billion(4)), which corresponds to
the normative reversal of the conversion reserve in the Group’s
income statement.
Net banking
incomeNet banking income was
substantially higher in Q1 22, up
+16.6%
(+16.1%*)
vs. Q1 21, driven by a very good momentum in all the
businesses.
French Retail Banking’s performance was
substantially higher, with net banking income (excluding PEL/CEL
provision) up +6.4% vs. Q1 21, reflecting an upward momentum on net
interest income as well as financial and service commissions.
International Retail Banking & Financial
Services enjoyed strong revenue growth (+19.3%* vs. Q1 21).
Financial Services (+43.6%* vs. Q1 21) and Insurance (+6.0%* vs. Q1
21) enjoyed an excellent momentum. International Retail Banking
also benefited from a strong rebound in its activities (+13.1%* vs.
Q1 21).
Global Banking & Investor Solutions
delivered an excellent performance, with revenues up +18.1%
(+16.9%*) vs. Q1 21. Financing & Advisory enjoyed a very good
momentum, with revenues up +24.4% (+20.9%*) vs. Q1 21, while the
revenues of Global Markets & Investor Services were
substantially higher (+19.1%, +15.4%*) than in Q1 21.
Operating
expenses In
Q1 22, operating expenses totalled EUR 5,329 million on a reported
basis and EUR 4,325 million on an underlying basis (restated for
transformation costs and the linearisation of IFRIC 21), an
increase of +5.6% vs. Q1 21. This increase can be explained
primarily by the rise in variable costs linked to the growth in
revenues (EUR +93 million), the increase in the contribution to the
Single Resolution Fund (EUR +69 million), currency
effects and the increase in other expenses (EUR +31 million).
Driven by a very positive jaws
effect, underlying gross operating income grew
substantially (+38%) to EUR 2,956 million and the underlying cost
to income ratio, excluding the Single Resolution Fund, improved by
nearly 7 points (56.4% vs. 63.3% in Q1 21).
Cost of
risk
In Q1 22, the cost of risk stood at 39
basis points, an increase vs. Q1 21 (21 basis points) due
primarily to the consequences of the crisis in Ukraine on Russian
exposure, or EUR 561 million (vs. EUR 276 million in Q1 21). It
breaks down into a provision on non-performing loans of EUR 313
million and a provision on performing loans of EUR 248 million.
Excluding Russian activities which are
currently being sold, the cost of
risk remains limited at
31 basis
points and breaks down into a provision on
non-performing loans of EUR 277
million and a provision on performing loans of EUR
148
million.
Moreover, the Societe Generale Group has
offshore international exposure (exposure at default) to Russian
counterparties amounting to EUR 2.8 billion at March 31st, 2022.
Exposure at risk on this portfolio is estimated at less than EUR 1
billion. The associated cost of risk was EUR 218 million inQ1
2022.
There is only negligible market exposure to
Russian external counterparties.
The Group’s provisions on performing loans
amounted to EUR 3,614 million at end-March, an increase of EUR 259
million vs. Q4 21.
The non-performing loans ratio amounted to
2.9%(3) at March 31st 2022, stable vs. end-December 2021 (2.9%).
The Group’s gross coverage ratio for doubtful outstandings stood at
49%(4) at March 31st 2022.
The cost of risk is expected to be
between 30 and 35 basis points in 2022.
Group net
income
|
In EURm |
Q1 22 |
Q1 21 |
|
Reported Group net income |
842 |
814 |
|
Underlying Group net income(1) |
1,574 |
1,298 |
|
In EURm |
Q1 22 |
Q1 21 |
|
ROTE |
6.0% |
5.9% |
|
Underlying ROTE(1) |
11.9% |
10.1% |
(1) Adjusted for exceptional
items and linearisation of IFRIC 21
Earnings per share amounts to EUR 0.87 in Q1 22
(EUR 0.79 in Q1 21). Underlying earnings per share amounts to EUR 1
over the same period (EUR 0.83 in Q1 21).
-
THE GROUP’S FINANCIAL STRUCTURE
Group shareholders’ equity
totalled EUR 65.9 billion at March 31st, 2022 (EUR 65.1 billion at
December 31st, 2021). Net asset value per share was EUR 69.23 and
tangible net asset value per share wasEUR 61.53.
The consolidated balance sheet totalled EUR
1,609 billion at March 31st, 2022 (EUR 1,464 billion at December
31st, 2021). The net amount of customer loan outstandings at March
31st, 2022, including lease financing, was EUR 495 billion (EUR 488
billion at December 31st, 2021) – excluding assets and securities
purchased under resale agreements. At the same time, customer
deposits amounted to EUR 523 billion, vs. EUR 502 billion at
December 31st, 2021 (excluding assets and securities sold under
repurchase agreements).
At April 26th, 2022, the parent company had
issued EUR 19.7 billion of medium/long-term debt, having an average
maturity of 5.9 years and an average spread of 43 basis points (vs.
the 6-month midswap, excluding subordinated debt). The subsidiaries
had issued EUR 0.7 billion. In total, the Group had issued EUR 20.4
billion of medium/long-term debt.
The LCR (Liquidity Coverage Ratio) was well
above regulatory requirements at 140% at end-March 2022 (137% on
average in Q1), vs. 129% at end-December 2021. At the same time,
the NSFR (Net Stable Funding Ratio) was at a level of 112% at
end-March 2022.
The Group’s risk-weighted
assets (RWA) amounted to EUR 376.6 billion at March 31st,
2022 (vs. EUR 363.4 billion at end-December 2021) according to
CRR2/CRD5 rules. Risk-weighted assets in respect of credit risk
represent 84.1% of the total, at EUR 316.8 billion, up 3.9% vs.
December 31st, 2021.
At March 31st, 2022, the Group’s Common
Equity Tier 1 ratio stood at 12.9%, or around 370 basis
points above the regulatory requirement. The CET1 ratio at March
31st, 2022 includes an effect of +12 basis points for phasing of
the IFRS 9 impact. Excluding this effect, the fully-loaded ratio
amounts to 12.8%. The Tier 1 ratio stood at 15.1% at end-March 2022
(15.9% at end-December 2021) and the total capital ratio amounted
to 17.9% (18.8% at end-December 2021).
The Group is aiming for a CET 1 ratio
between 200-250 basis points above the regulatory
requirement including after the
entry into force of the regulation finalising the Basel III
reform.
The leverage ratio stood at
4.3% at March 31st, 2022 (4.9% at end-December 2021).
With a level of 30.5% of RWA and 8.7% of
leverage exposure at end-March 2022, the Group’s TLAC ratio is
above the Financial Stability Board’s requirements for 2022. At
March 31st, 2022, the Group was also above its 2022 MREL
requirements of 25.2% of RWA and 5.91% of leverage exposure.
The Group is rated by four rating agencies: (i)
Fitch Ratings - long-term rating “A-”, stable rating, 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 BANKING
|
In EURm |
Q1 22 |
Q1 21 |
Change |
|
Net banking income |
2,188 |
2,023 |
+8.2% |
|
Net banking income excl. PEL/CEL |
2,165 |
2,035 |
+6.4% |
|
Operating expenses |
(1,720) |
(1,611) |
+6.8% |
|
Underlying operating expenses(1) |
(1,550) |
(1,483) |
+4.5% |
|
Gross operating income |
468 |
412 |
+13.6% |
|
Underlying gross operating income(1) |
615 |
552 |
+11.4% |
|
Net cost of risk |
(47) |
(129) |
-63.6% |
|
Operating income |
421 |
283 |
+48.8% |
|
Net profits or losses from other assets |
0 |
3 |
-100.0% |
|
Reported Group net
income |
313 |
212 |
+47.6% |
|
Underlying Group net
income(1) |
422 |
312 |
+35.2% |
|
RONE |
10.6% |
6.9% |
|
|
Underlying
RONE(1) |
14.3% |
10.2% |
|
(1) Adjusted for the
linearisation of IFRIC 21 and PEL/CEL provisionNote: including
Private Banking activities following the restatement in Q1 22
(France and International operations). Including activities
transferred after the disposal of Lyxor
Societe
Generale and Crédit du Nord
networks
Average loan outstandings were 1% higher than in
Q1 21 at EUR 211 billion. Loan production grew +36% vs. Q1 21, with
home loans rising +39% vs. Q1 21 and medium/long-term loans to
corporate and professional customers (excluding State Guaranteed
Loans) climbing +68% vs. Q1 21.
Average outstanding balance sheet deposits
including BMTN (negotiable medium-term notes) continued to rise
(+5% vs. Q1 21) to EUR 241 billion.
As a result, the average loan/deposit ratio
stood at 88% in Q1 22 vs. 92% in Q1 21.
Insurance assets under management totalled EUR
91 billion at end-March 2022, up +2% year-on-year. Gross life
insurance inflow amounted to EUR 2.7 billion in Q1 22, with the
unit-linked share accounting for 39%.
Property/casualty insurance premiums and
personal protection insurance premiums were up +2% vs. Q1 21.
Boursorama
The bank consolidated its position as the
leading online bank in France, with more than 3.7 million clients
at end-March 2022, thanks to the onboarding of 388,000 new clients
in Q1 22 (+90% vs. Q1 21). Boursorama is aiming to have between 4
million and 4.5 million clients at end-2022, one year ahead of
schedule relative to its plan.
Average outstanding loans rose +29% vs. Q1 21 to
EUR 14 billion. Home loan outstandings were up +30% vs. Q1 21.
Average outstanding savings including deposits
and financial savings were 19% higher than in Q1 21 at EUR 37
billion, while outstanding deposits were up +24% vs. Q1 21. Life
insurance outstandings were 7% higher than in Q1 21, with the
unit-linked share accounting for 45%. Brokerage recorded more than
2 million transactions in Q1 22.
Private Banking
Private Banking activities were transferred to
French Retail Banking in Q1 2022. The scope includes France and
international operations as well as the activities transferred at
the time of the disposal of Lyxor. The business enjoyed strong
commercial activity in all the regions. Assets under management
totalled EUR 150 billion, up +8% vs. Q1 21. Net inflow was buoyant
at EUR 2.7 billion in Q1 22, despite the volatility of the
financial markets. Net banking income totalled EUR 322 million in
Q1 22, up +21.2% vs. Q1 21.
Net banking income excluding
PEL/CEL
Revenues (excluding PEL/CEL) totalled EUR 2,165
million, up +6.4% vs. Q1 21. Net interest income (excluding
PEL/CEL) was up +2.8% vs. Q1 21, driven by loans to corporate
customers and Private Banking but partially impacted by the effect
of the higher rate on the Livret A passbook savings account.
Commissions increased by +6.9% vs. Q1 21, driven by the good
performance of financial commissions and the rebound in service
commissions.
Operating
expenses
Operating expenses amounted to EUR 1,720 million
(+6.8% vs. Q1 21) and EUR 1,550 million on an underlying basis
(+4.5% vs. Q1 21). The cost to income ratio (after linearisation of
the IFRIC 21 charge and restated for the PEL/CEL provision) stood
at 71.6%, an improvement of 1.3 points vs. Q1 21, representing a
positive jaws effect.
Cost of
risk
The cost of risk amounted to EUR 47 million or 8
basis points in Q1 22, a substantial decline compared to Q1 21 (22
basis points). In Q4 21, the cost of risk represented a write-back
of 3 basis points.
Contribution to Group net
income
The contribution to Group net income was EUR 313
million in Q1 22 vs. EUR 212 million in Q1 21. RONE (after
linearisation of the IFRIC 21 charge and restated for the PEL/CEL
provision) stood at 14.3% in Q1 22 (16.1% excluding
Boursorama).
-
INTERNATIONAL RETAIL BANKING & FINANCIAL
SERVICES
|
In EURm |
Q1 22 |
Q1 21 |
Change |
|
Net banking income |
2,223 |
1,862 |
+19.4% |
+19.3%* |
|
Operating expenses |
(1,183) |
(1,089) |
+8.6% |
+8.3%* |
|
Underlying operating expenses(1) |
(1,091) |
(1,017) |
+7.3% |
+7.0%* |
|
Gross operating income |
1,040 |
773 |
+34.5% |
+35.0%* |
|
Underlying gross operating income(1) |
1,132 |
845 |
+34.0% |
+34.4%* |
|
Net cost of risk |
(325) |
(142) |
x 2.3 |
x 2.3* |
|
Operating income |
715 |
631 |
+13.3% |
+13.8%* |
|
Net profits or losses from other assets |
2 |
2 |
+0.0% |
+11.0%* |
|
Reported Group net
income |
400 |
392 |
+2.0% |
+2.6%* |
|
Underlying Group net
income(1) |
453 |
434 |
+4.4% |
+5.0%* |
|
RONE |
14.5% |
15.7% |
|
|
|
Underlying
RONE(1) |
16.5% |
17.4% |
|
|
(1) Adjusted for the
linearisation of IFRIC 21 International Retail
Banking’s outstanding loans totalled EUR 92.7 billion, up
+5.4%* vs. Q1 21. Outstanding deposits increased by +6.5%* vs. Q1
21, to EUR 92.4 billion.
For the Europe scope, outstanding loans were up
+6.0%* vs. end-March 2021 at EUR 60.6 billion, driven by a positive
momentum in all the regions: +8.3%* in the Czech Republic, +9.1%*
in Romania, and +2.3%* in Western Europe. Outstanding deposits rose
+3.1%* to EUR 54.3 billion.
In Africa, Mediterranean Basin and French
Overseas Territories, outstanding loans increased by +1.6%* when
adjusted for changes in Group structure and at constant exchange
rates. Outstanding deposits continued to enjoy a healthy momentum,
up +6.2%*.
In the Insurance business, the
life insurance savings business continued to benefit from a good
momentum, with outstandings up +4%* at end-March 2022 vs. end-March
2021 at EUR 134 billion. The share of unit-linked products in
outstandings was 36%, an increase of +2 points vs. March 2021.
Gross life insurance savings inflow was 7%* higher in Q1 22 than in
Q1 21, with the share of unit-linked products remaining at a high
level of 43%, up 3 points vs. March 2021. Protection insurance saw
an increase of +7%* vs. Q1 21, bolstered by property/casualty
premiums up +12%*.
Financial Services also enjoyed
a very healthy momentum. Operational Vehicle Leasing and Fleet
Management posted record net banking income, up +53%*, due to the
business’ good performance and continued very strong demand for
used cars. The fleet consisted of 1.7 million contracts, including
1.4 million financed vehicles, an increase of +4.8% vs. end-March
2021. Equipment Finance continued to grow, with new leasing
business up +3.1%* vs. Q1 21. Outstanding loans rose +1.4% vs.
end-March 2021, to EUR 14.5 billion (excluding factoring).
Net banking
income
Net banking income amounted to EUR 2,223 million
in Q1 22, up +19.3%* vs. Q1 21.
International Retail Banking’s
net banking income totalled EUR 1,343 million in Q1 22, an increase
of +13.1%*.
Revenues in Europe climbed +15.6%* vs. Q1 21,
due primarily to substantial growth in net interest income as a
result of the rise in rates (+17%* vs. Q1 21), particularly in the
Czech Republic (+34%* vs. Q1 21).
The Africa, Mediterranean Basin and French
Overseas Territories scope posted revenues up +7.2%* vs. Q1 21 at
EUR 466 million, with activity that remained buoyant in Sub-Saharan
Africa (+9%* vs. Q1 21).
The Insurance business posted
net banking income up +6.0%* vs. Q1 21, at EUR 250 million.
Financial
Services’ net banking
income was substantially higher (+43.6%*) than inQ1 21, at EUR 630
million. This performance benefited primarily from the activities
of ALD which continued to post strong growth in the used car sale
result (EUR 3,101 per vehicle in Q1 22).
Operating
expenses
Operating expenses rose by only +8.3%* on a
reported basis (+7.0%* on an underlying basis) vs.Q1 21 to EUR
1,183 million, resulting in a positive jaws effect. The underlying
cost to income ratio stood at 49.1% in Q1 22, lower than in Q1 21
(54.6%).
In International Retail
Banking, operating expenses were 7.4%* higher than in Q1
21.
In the Insurance business,
operating expenses rose +7.4%* vs. Q1 21, with a cost to income
ratio of 47.2% (39.3% on an underlying basis).
In Financial Services,
operating expenses increased by +11.4%* vs. Q1 21, generating a
very positive jaws effect.
Cost of
risk
In Q1
22, the cost of
risk amounted to 92 basis points (EUR 325 million), vs. 44 basis
points in Q1 21. Excluding Russian activities which are currently
being sold, the increase in the cost of risk remained limited with
a level of 59 basis points.
Contribution to Group net
income
The contribution to Group net income totalled
EUR 400 million in Q1 22, an increase of +2.6%* vs.Q1 21.
Underlying RONE stood at 16.5% in Q1 22 (vs.
17.4% in Q1 21) and around 23% excluding Russian activities which
are currently being sold. In International Retail Banking,
underlying RONE was 7.3% (around 18% excluding Russian activities
which are currently being sold) and 28.0% in Financial Services and
Insurance.
-
GLOBAL BANKING & INVESTOR SOLUTIONS
|
In EURm |
Q1 22 |
Q1 21 |
Variation |
|
Net banking income |
2,755 |
2,333 |
+18.1% |
+16.9%* |
|
Operating expenses |
(2,172) |
(1,893) |
+14.7% |
+15.7%* |
|
Underlying operating expenses(1) |
(1,611) |
(1,526) |
+5.6% |
+6.7%* |
|
Gross operating income |
583 |
440 |
+32.5% |
+21.7%* |
|
Underlying gross operating income(1) |
1,144 |
807 |
+41.7% |
+35.2%* |
|
Net cost of risk |
(194) |
(3) |
x 64.7 |
x 76.7* |
|
Operating income |
389 |
437 |
-11.0% |
-18.4%* |
|
Reported Group net
income |
302 |
347 |
-13.0% |
-19.9%* |
|
Underlying Group net
income(1) |
734 |
629 |
+16.6% |
+11.3%* |
|
RONE |
8.6% |
10.4% |
0 |
+0.0%* |
|
Underlying
RONE(1) |
20.8% |
18.8% |
0 |
+0.0%* |
(1) Adjusted for the
linearisation of IFRIC 21 Note: excluding Private Banking
activities following the restatement in Q1 22 (France and
International operations). Including activities transferred after
the disposal of Lyxor
Net banking
income
Global Banking & Investor
Solutions delivered a remarkable performance in Q1 driven
by all the businesses, with revenues of EUR 2,755 million,
significantly higher (+18.1%) than the already high level in Q1 21.
The sharp increase in Q1 22 illustrates the relevance of the
strategy presented in May 2021 and the quality of its
execution.
In Global Markets & Investor
Services, net banking income totalled EUR 1,965 million in
Q1 22 (+19.1% vs. Q1 21), in a volatile environment, driven by good
client activity and the rise in rates.
Global Markets turned in an excellent
performance in Q1 22 (EUR 1,777 million), up +20.5% vs. Q1 21,
benefiting from a strong commercial momentum in all segments. This
very good result can be seen in all the businesses (Equities, Fixed
Income, Currency), products (Flow&Hedging, Investment Solutions
and financing) and geographical regions.
The Equity activity enjoyed an excellent quarter
(EUR 1,010 million, +19.5% vs. Q1 21), driven by strong client
activity in all the businesses, particularly in listed products and
prime services. The structured products portfolio remained stable,
with good risk management.
Fixed Income & Currency activities posted
substantially higher revenues (+21.7% vs. Q1 21) at EUR 767 million
in a favourable market environment. Very buoyant client activity
benefited all the businesses, and particularly Fixed Income
activities.
There was a significant increase in Securities
Services’ revenues in Q1, up +7.4% vs.Q1 21, at EUR 188 million,
reflecting the increase in rates as well as a higher level of
commissions. Securities Services’ assets under custody and assets
under administration amounted to EUR 4,375 billion and EUR 676
billion respectively.
Financing & Advisory posted
revenues of EUR 790 million, up +24.4% vs. Q1 21.
The Global Banking & Advisory business, up
+24.1% vs. Q1 21, capitalised on the good market momentum,
particularly in activities related to Natural Resources, Trade
Commodity Finance and Infrastructure as well as in property
financing.
The Asset-Backed Products platform continued to
grow, with a positive return from initiatives carried out on the
Financial Sponsors client segment.
Investment Banking enjoyed a good quarter,
despite a sharp slowdown in primary market activity since
end-February.
Global Transaction and Payment Services
continued to experience strong growth, up +26.2% vs. Q1 21,
primarily on the back of the increase in rates and volumes.
Operating
expenses
Operating expenses totalled EUR 2,172 million in
Q1 22, an increase of +14.7% vs. Q1 21 on a reported basis, and
+5.6% on an underlying basis. This increase can be explained by the
rise in variable costs, related to the increase in earnings, and
IFRIC 21 charges (the contribution to the Single Resolution Fund
amounted to EUR 622 million in Q1 22 vs. EUR 411 million in Q1 21
for Global Banking & Investor Solutions). There was a
significant improvement in the cost to income ratio of 7 points
(58.5% vs. 65.4% in Q1 21 on an underlying basis), with a positive
jaws effect.
Cost of
risk
The cost of risk amounted to 45 basis points (or
EUR 194 million) in Q1 22, including EUR 152 million related to
offshore exposure to Russia.
Contribution to Group net
income
The contribution to Group net income was EUR 302
million on a reported basis and EUR 734 million on an underlying
basis (+16.6% vs. Q1 21).
Global Banking & Investor Solutions posted a
significant underlying RONE of 20.8% in Q1 22 (24.1% when restated
for the impact of the contribution to the Single Resolution Fund),
an improvement compared to RONE of 18.8% in Q1 21.
-
CORPORATE CENTRE
|
In EURm |
Q1 22 |
Q1 21 |
|
Net banking income |
115 |
27 |
|
Operating expenses |
(254) |
(155) |
|
Underlying operating expenses(1) |
(73) |
(71) |
|
Gross operating income |
(139) |
(128) |
|
Underlying gross
operating income(1) |
42 |
(44) |
|
Net cost of risk |
5 |
(2) |
|
Net profits or losses from other assets |
- |
1 |
|
Income tax |
12 |
36 |
|
Reported Group net
income |
(173) |
(137) |
|
Underlying Group net
income(1) |
(52) |
(69) |
(1) Adjusted for the
linearisation of IFRIC 21The 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 certain costs incurred by the
Group not re-invoiced to the businesses.
The Corporate Centre’s net banking
income totalled EUR 115
million in Q1 22 vs. EUR 27 million inQ1 21. It
includes in particular the positive value changes of financial
instruments corresponding to the economic hedging of the Group’s
equity securities.
Operating expenses totalled EUR
254 million in Q1 22 vs. EUR 155
million in Q1 21. They include the Group’s transformation costs for
a total amount of EUR 143 million relating to the activities of
French Retail Banking (EUR 104 million), Global Banking &
Investor Solutions (EUR 14 million) and the Corporate Centre (EUR
25 million). Underlying costs came to EUR 73 million in Q1 22
compared to EUR 71 million in Q1 21.
Gross operating income totalled EUR
-139 million in Q1 22
vs. EUR -128 million in Q1 21. Underlying gross operating income
came to EUR +42 million in Q1 22 vs. EUR -44 million in Q1 21.
The Corporate Centre’s contribution to
Group net income was EUR
-173
million in Q1 22 vs. EUR -137 million in Q1 21.
The Corporate Centre’s contribution to Group net income on an
underlying basis was EUR -52 million.
7. 2022 FINANCIAL
CALENDAR
|
2022 and 2023 Financial communication calendar |
|
May 17th, 2022 2022 General MeetingMay 25th, 2022 Dividend
detachmentMay 27th, 2022 Dividend paymentAugust 3rd, 2022 Second
quarter and first half 2022 results November 4th, 2022 Third
quarter and nine-month 2022 resultsFebruary 8th, 2023 Fourth
quarter and FY 2022 results |
|
|
|
The Alternative Performance Measures, notably the notions
of net banking income for the pillars, operating expenses, IFRIC 21
adjustment, cost of risk in basis points, ROE, ROTE, RONE, net
assets, tangible net assets, and the amounts serving as a basis for
the different restatements carried out (in particular the
transition from published data to underlying data) 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. |
8. APPENDIX 1:
FINANCIAL DATA
GROUP NET INCOME BY CORE
BUSINESS
|
In EURm |
Q1 22 |
Q1 21 |
Variation |
|
French Retail Banking |
313 |
212 |
+47.6% |
|
International Retail Banking and Financial Services |
400 |
392 |
+2.0% |
|
Global Banking and Investor Solutions |
302 |
347 |
-13.0% |
|
Core Businesses |
1,015 |
951 |
+6.7% |
|
Corporate Centre |
(173) |
(137) |
-26.3% |
|
Group |
842 |
814 |
+3.4% |
NB: Amounts restated in Q1 22 to take into
account the transfer of Private Banking activities (French and
international) to the French Retail Banking. Includes activities
transferred after the disposal of Lyxor
CONSOLIDATED BALANCE
SHEET
|
In EURm |
31.03.2022 |
31.12.2021 |
|
Cash, due from central banks |
230,086 |
179,969 |
|
Financial assets at fair value through profit or loss |
419,946 |
342,714 |
|
Hedging derivatives |
13,683 |
13,239 |
|
Financial assets at fair value through other comprehensive
income |
40,342 |
43,450 |
|
Securities at amortised cost |
19,748 |
19,371 |
|
Due from banks at amortised cost |
74,490 |
55,972 |
|
Customer loans at amortised cost |
501,542 |
497,164 |
|
Revaluation differences on portfolios hedged against interest rate
risk |
172 |
131 |
|
Investments of insurance companies |
172,741 |
178,898 |
|
Tax assets |
4,647 |
4,812 |
|
Other assets |
95,796 |
92,898 |
|
Non-current assets held for sale |
16 |
27 |
|
Investments accounted for using the equity method |
115 |
95 |
|
Tangible and intangible fixed assets |
32,139 |
31,968 |
|
Goodwill |
3,739 |
3,741 |
|
Total |
1,609,202 |
1,464,449 |
|
In EURm |
31.03.2022 |
31.12.2021 |
|
Due to central banks |
12,618 |
5,152 |
|
Financial liabilities at fair value through profit or loss |
391,805 |
307,563 |
|
Hedging derivatives |
17,839 |
10,425 |
|
Debt securities issued |
135,384 |
135,324 |
|
Due to banks |
157,560 |
139,177 |
|
Customer deposits |
528,620 |
509,133 |
|
Revaluation differences on portfolios hedged against interest rate
risk |
(1,631) |
2,832 |
|
Tax liabilities |
1,683 |
1,577 |
|
Other liabilities |
122,461 |
106,305 |
|
Non-current liabilities held for sale |
- |
1 |
|
Insurance contracts related liabilities |
150,098 |
155,288 |
|
Provisions |
5,047 |
4,850 |
|
Subordinated debts |
16,101 |
15,959 |
|
Total liabilities |
1,537,585 |
1,393,586 |
|
Shareholder's equity |
- |
- |
|
Shareholders'
equity, Group
share |
- |
- |
|
Issued common stocks and capital reserves |
21,836 |
21,913 |
|
Other equity instruments |
7,534 |
7,534 |
|
Retained earnings |
36,270 |
30,631 |
|
Net income |
842 |
5,641 |
|
Sub-total |
66,482 |
65,719 |
|
Unrealised or deferred capital gains and losses |
(630) |
(652) |
|
Sub-total equity, Group share |
65,852 |
65,067 |
|
Non-controlling interests |
5,765 |
5,796 |
|
Total equity |
71,617 |
70,863 |
|
Total |
1,609,202 |
1,464,449 |
- APPENDIX 2:
METHODOLOGY
1 –The financial information presented
for the quarter ending 31 March 2022 was examined by the Board of
Directors on May 4th,
2022 and has been prepared in accordance with IFRS as
adopted in the European Union and applicable at that date. This
information has not been audited.
2 - Net banking income
The pillars’ net banking income is defined on
page 41 of Societe Generale’s 2022 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 8.1 to the Group’s consolidated
financial statements as at December 31st, 2021 (pages 482 et seq.
of Societe Generale’s 2022 Universal Registration Document). The
term “costs” is also used to refer to Operating Expenses. The
Cost/Income Ratio is defined on page 41 of Societe Generale’s 2022
Universal Registration Document.
4 - IFRIC 21 adjustment
The IFRIC 21 adjustment corrects the result of
the charges recognised in the accounts in their entirety when they
are due (generating event) so as to recognise only the portion
relating to the current quarter, i.e. a quarter of the total. It
consists in smoothing the charge recognised accordingly over the
financial year in order to provide a more economic idea of the
costs actually attributable to the activity over the period
analysed.
The contributions to Single Resolution
Fund (« SRF ») are part of IFRIC21 adjusted
charges, they include contributions to national resolution funds
within the EU.
5 – Exceptional items – Transition from
accounting data to underlying data
It may be necessary for the Group to present
underlying indicators in order to facilitate the understanding of
its actual performance. The transition from published data to
underlying data is obtained by restating published data for
exceptional items and the IFRIC 21 adjustment.
Moreover, the Group restates the revenues and
earnings of the French Retail Banking pillar for PEL/CEL provision
allocations or write-backs. This adjustment makes it easier to
identify the revenues and earnings relating to the pillar’s
activity, by excluding the volatile component related to
commitments specific to regulated savings.
The reconciliation enabling the transition from
published accounting data to underlying data is set out in the
table below:
|
Q1 22 (In
EURm) |
OperatingExpenses |
Cost of risk |
Net profit orlosses
fromother assets |
Incometax |
Group net income |
Business |
|
|
|
Reported |
(5,329) |
(561) |
2 |
(353) |
842 |
|
|
|
|
(+) IFRIC 21 linearisation |
860 |
|
|
(218) |
626 |
|
|
|
|
(+) Transformation charges* |
143 |
|
|
(37) |
106 |
Corporate Center(1) |
|
|
|
Underlying |
(4,325) |
(561) |
2 |
(608) |
1,574 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 21 (In EURm) |
OperatingExpenses |
Cost of risk |
Net profit orlosses
fromother assets |
Incometax |
Group net income |
Business |
|
|
|
Reported |
(4,748) |
(276) |
6 |
(283) |
814 |
|
|
|
|
(+) IFRIC 21 linearisation |
601 |
|
|
(141) |
448 |
|
|
|
|
(+) Transformation charges* |
50 |
|
|
(14) |
36 |
Corporate Center(2) |
|
|
|
Underlying |
(4,097) |
(276) |
6 |
(438) |
1,298 |
|
|
|
(*) Exceptional item(1) Q1 22 transformation
charges related to French Retail Banking (EUR 104m), Global Banking
& Investor Solutions (EUR 14m) and Corporate Centre (EUR 25m)
(2) Q1 21 transformation charges related to French Retail Banking
(EUR 38m), Global Banking and Investor Solutions (EUR 1m) and
Corporate Center (EUR 11m)
6 - Cost of risk in basis points,
coverage ratio for doubtful
outstandings
The cost of risk is defined on pages 43 and 663
of Societe Generale’s 2022 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 |
|
Q1 22 |
Q1 21 |
|
French Retail
Banking |
Net Cost Of Risk |
47 |
129 |
|
Gross loan Outstandings |
242,645 |
233,953 |
|
Cost of Risk in bp |
8 |
22 |
|
International Retail Banking and Financial
Services |
Net Cost Of Risk |
325 |
142 |
|
Gross loan Outstandings |
140,547 |
130,196 |
|
Cost of Risk in bp |
92 |
44 |
|
Global Banking and Investor Solutions |
Net Cost Of Risk |
194 |
3 |
|
Gross loan Outstandings |
170,749 |
138,305 |
|
Cost of Risk in bp |
45 |
1 |
|
Corporate Centre |
Net Cost Of Risk |
(5) |
2 |
|
Gross loan Outstandings |
14,413 |
12,963 |
|
Cost of Risk in bp |
(12) |
4 |
|
Societe Generale
Group |
Net Cost Of Risk |
561 |
276 |
|
Gross loan Outstandings |
568,354 |
515,416 |
|
Cost of Risk in bp |
39 |
21 |
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”).
7 - 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 page 43 and 44 of Societe Generale’s
2022 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 2022 Universal Registration Document.
Group net income used for the ratio numerator is
book Group net income adjusted for “interest net of tax payable on
deeply subordinated notes and undated subordinated notes, interest
paid to holders of deeply subordinated notes and undated
subordinated notes, issue premium amortisations” and “unrealised
gains/losses booked under shareholders’ equity, excluding
conversion reserves” (see methodology note No. 9). For ROTE, income
is also restated for goodwill impairment.
Details of the corrections made to book 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) |
Q1 22 |
Q1 21 |
|
Shareholders'
equity Group
share |
65,852 |
62,920 |
|
Deeply subordinated notes |
(8,178) |
(9,179) |
|
Undated subordinated notes |
- |
(273) |
|
Interest of deeeply & undated subodinated notes, issue premium
amortisations(1) |
(65) |
(51) |
|
OCI excluding conversion reserves |
120 |
(723) |
|
Dividend provision(2) |
(415) |
(353) |
|
ROE equity end-of-period |
55,029 |
52,340 |
|
Average ROE
equity |
54,669 |
51,771 |
|
Average Goodwill |
(3,624) |
(3,928) |
|
Average Intangible Assets |
(2,753) |
(2,506) |
|
Average ROTE
equity |
48,292 |
45,337 |
|
|
|
|
|
Group net Income
(a) |
842 |
814 |
|
Underlying Group net income (b) |
1,574 |
1,298 |
|
Interest on deeply subordinated notes and undated subordinated
notes (c) |
(119) |
(144) |
|
Cancellation of goodwill impairment (d) |
2 |
- |
|
Ajusted Group net Income (e) = (a)+
(c)+(d) |
725 |
670 |
|
Ajusted Underlying Group net Income
(f)=(b)+(c) |
1,457 |
1,154 |
|
|
|
|
|
Average ROTE
equity (g) |
48,292 |
45,337 |
|
ROTE [quarter: (4*e/g)] |
6.0% |
5.9% |
|
|
|
|
|
Average ROTE equity (underlying) (h) |
49,024 |
45,821 |
|
Underlying ROTE [quarter: (4*f/h)] |
11.9% |
10.1% |
(1) Interest net of tax, payable or paid to
holders of deeply subordinated notes & undated subordinated
notes, issue premium amortisations(2) The dividend to be paid is
calculated based on a pay-out ratio of 50% of the underlying Group
net income, after deduction of deeply subordinated notes and on
undated subordinated notes
RONE calculation: Average capital
allocated to Core Businesses
|
In EURm |
Q1 22 |
Q1 21 |
Change |
|
French Retail Banking |
11,822 |
12,208 |
-3.2% |
|
International Retail Banking and Financial Services |
11,018 |
9,963 |
+10.6% |
|
Global Banking and Investor Solutions |
14,128 |
13,404 |
+5.4% |
|
Core Businesses |
36,968 |
35,576 |
+3.9% |
|
Corporate Center |
17,701 |
15,975 |
+10.8% |
|
Group |
54,669 |
51,550 |
+6.1% |
NB: Amounts restated in Q1 22 to take into
account the transfer of Private Banking activities (French and
international) to the French Retail Banking. Includes activities
transferred after the disposal of Lyxor
8 - Net assets and tangible net
assets
Net assets and tangible net assets are defined
in the methodology, page 46 of the Group’s 2022 Universal
Registration Document. The items used to calculate them are
presented below:
|
End of period (in
EURm) |
Q1 22 |
2021 |
2020 |
|
Shareholders' equity Group
share* |
65,852 |
65,067 |
61,710 |
|
Deeply subordinated notes |
(8,178) |
(8,003) |
(8,830) |
|
Undated subordinated notes |
- |
- |
(264) |
|
Interest of deeeply & undated subodinated notes, issue premium
amortisations(1) |
(65) |
20 |
19 |
|
Bookvalue of own shares in trading portfolio |
(78) |
37 |
301 |
|
Net Asset Value* |
57,531 |
57,121 |
52,936 |
|
Goodwill |
(3,624) |
(3,624) |
(3,928) |
|
Intangible Assets |
(2,773) |
(2,733) |
(2,484) |
|
Net Tangible Asset Value* |
51,134 |
50,764 |
46,524 |
|
|
|
|
|
|
Number of shares used to calculate
NAPS** |
831,044 |
831,162 |
848,859 |
|
Net Asset Value per Share |
69.2 |
68.7 |
62.4 |
|
Net Tangible Asset Value per Share |
61.5 |
61.1 |
54.8 |
(*) Amounts restated compared with the financial
statements published in 2020 (See Note1.7 of the 2021 financial
statements)(* *) The number of shares considered is the number of
ordinary shares outstanding as at end of period, excluding treasury
shares and buybacks, but including the trading shares held by the
Group. In accordance with IAS 33, historical data per share prior
to the date of detachment of a preferential subscription right are
restated by the adjustment coefficient for the transaction(1)
Interest net of tax, payable or paid to holders of deeply
subordinated notes & undated subordinated notes, issue premium
amortisations
9 - 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 45 of Societe Generale’s 2022 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. As specified on page 45 of Societe
Generale’s 2022 Universal Registration Document, the Group also
publishes EPS adjusted for the impact of non-economic and
exceptional items presented in methodology note No. 5 (underlying
EPS).The calculation of Earnings Per Share is described in the
following table:
|
Average number of shares (thousands) |
Q1 22 |
2021 |
2020 |
|
Existing shares |
845,248 |
853,371 |
853,371 |
|
Deductions |
|
|
|
|
Shares allocated to cover stock option plans and free shares
awarded to staff |
6,021 |
3,861 |
2,987 |
|
Other own shares and treasury shares |
8,124 |
3,249 |
- |
|
Number of shares used to calculate EPS* |
831,103 |
846,261 |
850,385 |
|
Group net
Income |
842 |
5,641 |
(258) |
|
Interest on deeply subordinated notes and undated subordinated
notes |
(119) |
(590) |
(611) |
|
Capital gain net of tax on partial buybacks |
- |
- |
- |
|
Adjusted Group net
income |
723 |
5,051 |
(869) |
|
EPS (in EUR) |
0.87 |
5.97 |
(1.02) |
|
Underlying EPS**
(in EUR) |
1.00 |
5.52 |
0.97 |
(*) 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(**) Calculated on the basis of underlying
Group net income (excluding linearisation of IFRIC 21)
10 - The
Societe Generale Group’s
Common Equity Tier 1 capital
It 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.
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 one of the leading European
financial services groups. Based on a diversified and integrated
banking model, the Group combines financial strength and proven
expertise in innovation with a strategy of sustainable growth.
Committed to the positive transformations of the world’s societies
and economies, Societe Generale and its teams seek to build, day
after day, together with its clients, a better and sustainable
future through responsible and innovative financial solutions.
Active in the real economy for over 150 years,
with a solid position in Europe and connected to the rest of the
world, Societe Generale has over 131,000 members of staff in 66
countries and supports on a daily basis 26 million individual
clients, businesses and institutional investors around the world by
offering a wide range of advisory services and tailored financial
solutions. The Group is built on three complementary core
businesses:
- French Retail
Banking, which encompasses the Societe Generale, Credit du
Nord and Boursorama brands. Each offers a full range of financial
services with omnichannel products at the cutting edge of digital
innovation;
- International Retail Banking,
Insurance and Financial Services, with networks in Africa,
Russia, Central and Eastern Europe and specialised businesses that
are leaders in their markets;
- Global Banking and Investor
Solutions, which offers recognised expertise, key
international locations and integrated solutions.
Societe Generale 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 Societe Generale’s newsroom
page 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 @societegenerale or visit our website
www.societegenerale.com.
(1) Underlying data (see methodology note No. 5
for the transition from accounting data to underlying
data) (2) Phased-in ratio (fully-loaded
ratio of 12.8%) (3) NPL ratio calculated according to
the EBA methodology published on July 16th, 2019 (4) Ratio between
the amount of provisions on doubtful outstandings and the amount of
these same outstandings
- Societe Generale_ PR_Q1-2022
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