Q3 2024 Societe Generale SA Earnings Call Transcript
Key Points
- Societe Generale SA (SCGLF) reported a 10.5% increase in revenues compared to Q3 '23, driven by strong business performance in key areas.
- The cost-to-income ratio improved significantly, dropping to 63.3% in Q3 '24 from 70.3% in Q3 '23, indicating better cost management.
- The CET1 ratio increased by around 10 basis points to 13.2%, aligning with the company's end-of-year target.
- BoursoBank, a digital-only business, continues to show strong growth and profitability, with a positive net result for the second consecutive quarter.
- The company is ahead of its ESG targets, having reduced upstream oil and gas exposure by more than 50% and setting a new sustainable finance target of EUR500 billion for 2024-2030.
- Despite improvements, the French retail segment still faces challenges, with a need for better commercial and technological strategies.
- The cost of risk remains stable at 27 basis points, but there is a concern about potential increases due to economic uncertainties.
- The integration of LeasePlan within Ayvens is ongoing, with some pressure on revenues due to industry trends.
- The company faces potential regulatory impacts on its CET1 ratio, with 15 basis points of regulatory charges expected next year.
- There is uncertainty regarding the impact of the French budget on taxes and capital allocation, particularly concerning buyback taxes.
Ladies and gentlemen, welcome to the Societe Generale conference call.
I now hand you over to Mr. Slawomir Krupa, Chief Executive Officer. Please go ahead.
Thank you. Good morning, everyone. I am pleased to be here with you today on this call to discuss our quarterly earnings, and I thank you for joining us.
We have two important topics to cover this morning about the group's performance. The first is the strong and materially improved results achieved during Q3 '24 showing a better progress than originally anticipated. The second is a review of the consistent delivery of our strategic plan. We are moving forward in our groupwide transformation and hitting all the interim targets that we set at our Capital Markets Day a year ago. Among them and most importantly, our capital and cost-to-income targets.
Starting with the quarterly earnings, you can see that revenues are up by 10.5% compared to Q3 '23 and by nearly 6% excluding the EUR300 million positive one-off
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