Fourth quarter & full year 2020 results

Q4 20: Confirmation of the improvement of the commercial and financial performances 
Resilience of revenues in an environment still marked by the crisis (+1.6%* vs. Q3 20, -2.3%* vs. Q4 19) 
Continued discipline in cost management (-3.0%⁽¹⁾* vs. Q4 19) with a positive jaws effect 
Cost of risk at 54 basis points resulting from the very good performance of the loan portfolio while including prudent provisioning 
Underlying Group net income of EUR 631m (EUR 470m on a reported basis) 

2020: Responsible management of the crisis, resilience of the businesses and solidity of the balance sheet 
Ongoing support for customers, exceptional mobilisation of employees 
Underlying Group net income of EUR 1.4bn (reported result EUR -258m)
Underlying operating expenses of EUR 16.5bn^([1]) (-5.2%⁽¹⁾ vs. 2019) 
Cost of risk contained at 64 basis points (including EUR 1.4bn of provisioning on performing loans, i.e. 41% of the total) 
Disciplined capital management: CET1 ratio at 13.4%⁽²⁾, around 440 basis points above the regulatory requirement) 
Payment of a cash dividend calculated in accordance with the maximum authorised by the European Central Bank (ECB) recommendation: EUR 0.55 per share 
Share buy-back programme, in Q4 21, for an amount equivalent to the amount assigned to the dividend payment (around EUR 470m, i.e. an impact of around 13 basis points on the Group’s CET1 ratio), subject to the non-renewal of the ECB’s recommendation and the authorisation for its implementation

2021 Priority: Disciplined execution of the strategic roadmap 
First year of preparation of the merger of the Societe Generale and Crédit du Nord networks 
Finalisation of the repositioning of Global Markets 
Ramping up of growth drivers 
Further development of Corporate Social Responsibility dynamics 
Increased operational efficiency efforts mainly through the digitalisation of processes

Frédéric Oudéa, the Group’s Chief Executive Officer, commented: 
“The Q4 results provide further confirmation of the rebound in our businesses observed in Q3 after a beginning of the year marked by the impacts of the COVID crisis. Confident in the quality of our franchises and our balance sheet, drawing on the exceptional commitment of our teams, in H2 we defined ambitious and value-creating strategic trajectories for our businesses, demonstrating our ability to adapt and transform in a durably more uncertain environment. We are therefore entering 2021 with confidence and determination with, as a priority, the execution of our strategic roadmap. Consistent with our raison d’être, we will continue to support our customers in all the transformations accelerated by this crisis, whether they concern the growing use of digital technologies or increased attention to corporate social responsibility issues.”