For the first quarter of 2024, Societe Generale has reported net income, Group share, down 21.7% to 680 million euros, giving a return on net tangible assets (ROTE) of 4.1%, but gross operating income (GOI) up 3.2% to 1.66 billion.
This increase reflects a cost/income ratio that improved by 0.9 points to 74.9%, thanks to a 1.5% drop in operating expenses to 4.98 billion euros, on overall stable net banking income (-0.4%) to 6.64 billion.
Our operating performance is improving, driven by very good results in retail banking and investor solutions, and solid revenues from international retail banking activities", emphasizes CEO Slawomir Krupa.
At March 31, the CET1 (Common Equity Tier 1) ratio stood at 13.2%, some 300 basis points above the regulatory requirement. Similarly, the LCR (Liquidity Coverage Ratio) was well above regulatory requirements at 159%.
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Société Générale is one of the largest French banking groups. Net interest income breaks down by activity as follows:
- financing and investment banking (36.8%): specialized financing (for acquisitions, projects, etc.), activity on the stock, interest rate, currency exchange, and raw material markets, brokerage operations, merger-acquisition consulting, commercial banking activities, etc.;
- retail banking in France (30.7%; SG). The group also develops asset management and private banking activities (EUR 143 billion in assets under management in 2023), and provides online banking and online brokerage services (Boursorama Banque) as well as an economic and financial information Website (boursorama.com);
- provision of specialized financial and insurance services (16.5%): consumer loan, leasing, management of car fleets, professional equipment financing and insurance;
- international retail banking (16%).
At the end of 2023, Société Générale managed EUR 533.8 billion in current deposits and EUR 485.4 billion in current credits.
Net interest income is distributed geographically as follows: France (40.2%), Europe (37.4%), the Americas (8.3%), Africa (8%) and Asia/Oceania (6.1%).
SOCIÉTÉ GÉNÉRALE 
