4th quarter and full-year 2024 results

Published on 06/02/2025

RESULTS AT 31 DECEMBER 2024

2024 RESULTS ABOVE ALL GROUP TARGETS 
GROUP NET INCOME OF EUR 4.2 BILLION, +69% vs. 2023

Annual revenues of EUR 26.8 billion, up by +6.7% vs. 2023, above the ≥+5% target set for 2024, driven in particular by the strong rebound in net interest income in France and by an excellent performance in Global Banking and Investor Solutions with revenues above EUR 10 billion 
Cost-to-income ratio of 69.0%, below the target of <71% set for 2024, thanks to tight control of costs, which are stable vs. 2023  
Cost of risk at 26 basis points, at the lower end of the 2024 guidance range 
Profitability (ROTE) of 6.9%, above the target of >6% expected for 2024 
CET1 ratio of 13.3% at end-2024, around 310 basis points above regulatory requirement

+75% INCREASE IN DISTRIBUTION TO SHAREHOLDERS VS. 2023

Proposed distribution of EUR 1,740 million1, equivalent to EUR 2.18 per share1, composed of:

  • a cash dividend of EUR 1.09 per share to be proposed to the General Meeting
  • a share buyback programme of EUR 872 million, equivalent to EUR 1.09 per share1. ECB approval has been obtained to launch the programme, due to start on 10 February 2025
  • increase of the payout ratio to 50% of net income2

2025 FINANCIAL TARGETS, STRONG CAPITAL, EXECUTION DISCIPLINE

Revenue growth of more than +3%3 vs. 2024 
Decrease in costs above -1%3 vs. 2024  
Improvement of the cost-to-income ratio, less than 66% in 2025 
Cost of risk between 25 and 30 basis points in 2025 
Increase of the ROTE, more than 8% in 2025  
CET1 ratio above 13% post Basel IV throughout the year 2025 
With a solid CET1 ratio ahead of the capital trajectory, we are proposing to improve the distribution policy with:

  • an overall distribution payout ratio of 50% of net income2
  • a balanced distribution between cash dividends and share buybacks

Slawomir Krupa, the Group’s Chief Executive Officer, commented: 
“In 2024, our performance improves materially. All our targets are exceeded and ahead of plan. Strong capital build-up, strong and sustainable business growth, strong cost control and risk management, and a material progress in our integration projects led to the doubling of the earnings per share. Against this strong backdrop, we are improving both the 2024 distribution and our distribution policy. I would like to thank the entire Societe Generale team for their dedication and remarkable commitment, every single day, to serving our clients and our Bank. 
We will continue to focus in 2025 on the relentless execution of our strategy, improving our performance even further.”

 

[1] Based on the number of shares in circulation at 31 December 2024 excluding own shares, subject to usual approvals from the General Meeting 
[2] Reported Group net income, after deduction of interest on deeply subordinated notes and undated subordinated notes, restated from non-cash items that have no impact on CET1 ratio  
[3] Excluding assets sold
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