Fourth quarter & full year 2021 results

RESULTS AT DECEMBER 31^ST 2021

2021, RECORD GROUP NET INCOME 
Substantial increase in underlying revenues of +16.1%⁽¹⁾ vs. 2020 (+17.2%⁽¹⁾*), with a historically high level of Financing & Advisory and Financial Services activities, very solid Global Markets activities throughout the year, and a healthy momentum in Retail Banking

Underlying gross operating income of EUR 8.5 billion⁽¹⁾, up 51.0%⁽¹⁾  vs. 2020, with a significant positive jaws effect and costs under control, up +4.3%⁽¹⁾

Still low cost of risk at 13 basis points

Underlying Group net income of EUR 5.3 billion^([1]) (EUR 5.6 billion on a reported basis)

Underlying profitability (ROTE) of 10.2%⁽¹⁾ (11.7% on a reported basis)

In Q4 21, underlying gross operating income of EUR 1.9 billion⁽¹⁾, +24.1% vs. Q4 20

Underlying Group net income of EUR 1.2 billion⁽¹⁾, +94.4% vs. Q4 20 (EUR 1.8 billion on a reported basis)

Underlying profitability (ROTE) of 9.2%⁽¹⁾ (16.6% on a reported basis)

ATTRACTIVE SHAREHOLDER DISTRIBUTION 
Distribution equivalent to EUR 2.75 per share, or:

• a dividend in cash, proposed to the General Meeting, of EUR 1.65 per share
• a share buyback programme, for around EUR 915 million, equivalent to EUR 1.1 per share

Solid CET 1 ratio of 13.7%⁽²⁾ at end-2021, around 470 basis points above the regulatory requirement

ACCELERATION IN STRATEGIC AND BUSINESS DEVELOPMENTS 
Strengthening of our competitive position on mobility, announcement of the planned acquisition of LeasePlan by ALD with a view to creating a mobility leader

Client onboarding by Boursorama one year ahead of schedule, announcement of entry into exclusive discussions with the ING group with a view to offering ING’s customers in France the best alternative banking solution

Good momentum of the retail banking networks in France in the context of preparations for the merger

Continued digitalisation initiatives and improvement of operational efficiency in International Retail Banking

Solid performance by Global Markets throughout the year, with the successful repositioning of structured products and a reduction in the risk profile

Record performance by Financing & Advisory, driven by strong market momentum and an increase in allocated capital

Frédéric Oudéa, the Group’s Chief Executive Officer, commented: 
“2021 marks a milestone for the Societe Generale Group, which achieved the best financial results in its history, enabling it to generate a good level of profitability and offer its shareholders an attractive return. All the businesses have contributed to this excellent performance. The Group also had a very robust balance sheet at the end of the year, with a very good quality loan portfolio and high capital ratios. In addition, the Group was able, firstly, to successfully continue advancing on major projects such as the merger of the two retail banking networks Societe Generale and Crédit du Nord and secondly, achieve two strategic transactions strengthening two differentiating assets, with the entry into exclusive discussions for the acquisition of Leaseplan by ALD and with ING concerning its retail banking activities in France. The Group is therefore entering 2022 with confidence, with the priority objective of the disciplined execution of this high value-creating roadmap and the finalisation of its outlines by accelerating the transformations around ESG issues and new technologies.”