RESULTS AT 30 JUNE 2024
Press release
Paris, 1 August 2024

QUARTERLY RESULTS
Quarterly revenues of EUR 6.7 billion, up by +6.3% vs. Q2 23, driven by an excellent quarter for Global
Markets and Transaction Banking, increased margins at Ayvens and NII recovery underway in France despite facing
headwinds from deposit beta and a slower loan origination in a muted environment
Positive jaws, tight grasp on operating expenses, up by +2.9% vs. Q2 23 and by +0.7%* at constant perimeterand exchange rates
Cost-to-income ratio at 68.4% in Q2 24, improving by 2.2 percentage points vs. Q2 23 and 6.5 percentage
points vs Q1 241
Cost of risk at 26 basis points in Q2 24, stock of provisions on performing loans of EUR 3.2 billion
Group net income of EUR 1.1 billion, up +24% vs. Q2 23
Profitability (ROTE) at 7.4%

FIRST HALF 2024 RESULTS
Half-year revenues of EUR 13.3 billion, up +2.9% vs. H1 23
Positive jaws, operating expenses slightly up by +0.6% vs. H1 23, down by -3.2%* at constant perimeter andexchange rates
Cost-to-income ratio at 71.6% in H1 24, improving by 1.7 percentage points vs. S1 231
Profitability (ROTE) at 5.8%

SOLID CAPITAL AND LIQUIDITY PROFILE
CET1 ratio at 13.1%2 at end of Q2 24, around 285 basis points above the regulatory requirement, andexpected to be above 13% at end-2024
Liquidity Coverage Ratio at 152% at end-Q2 24
Provision for distribution of EUR 0.913 per share, at end-June 2024
Completion of the 2023 share buy-back programme of around EUR 280 million
Slawomir Krupa, the Group’s Chief Executive Officer, commented:“In the second quarter, our commercial and financial performance is significantly improving, in line with our 2024 targets
and our 2026 roadmap. Our revenues are driven by an excellent quarter in Global Banking and Investor Solutions, asustained performance of our international retail banking activities, higher margins at Ayvens, while the net interest income
is recovering in French retail despite being still impacted by an increasing share of interest-bearing deposits and a slower
loan origination in a muted environment. Growth in revenues, combined with our disciplined costs and risks management,
allows us to significantly improve our cost-to-income ratio and profitability. Our capital and liquidity ratios remain verystrong. We continue to move forward in an orderly and efficient manner with the implementation of our strategic roadmap,
as demonstrated in the sustained development of BoursoBank which is exceeding the 6.5 million clients threshold, and as
shown by the launch of the first phase of our 1 billion euros investment dedicated to the energy transition. We also continue
to simplify our business portfolio and are determined to capitalize on those positive dynamics to pursue the successful
execution of our strategic plan in order to build a more profitable bank and create more value over the long term for all our
stakeholders.”

Asterisks * in this document refers to data at constant perimeter and exchange rates
1 Reported Cost/Income ratio of 70.6% in Q2 23, 74.9% in Q1 24 and 73.3% in H1 23
2 Including IFRS 9 phasing, proforma including Q2 24 results
3 Based on a pay-out ratio of 50% of the Group net income, at the high-end of the 40%-50% pay-out ratio, as per regulation, restated from noncash items and after deduction of interest on deeply subordinated notes and undated subordinated notes

11. GROUP CONSOLIDATED RESULTS
In EURm

Q2 24

Q2 23

Change

H1 24

H1 23

Net banking income

6,685

6,287

+6.3%

Operating expenses(4,570)(4,441)+2.9%

Gross operating income

2,115

Net cost of risk

Change+4.8%*

13,33012,958+2.9%-0.5%*+0.7%*(9,550)(9,498)+0.6%-3.2%*

1,846+14.5% +15.0%*

3,780

3,460

+9.2%

+6.8%*

(387)

(166)

x2.3

x2.3*

(787)

(348)

x2.3

x2.2*

Operating income

1,728

1,680

+2.8%

+3.5%*

2,993

3,112

-3.8%

-6.2%*Net profits or losses from other assets

(8)

(81)

+90.6% +90.9%*

(88)

(98)

+10.6%+5.9%*

Income tax

(379)

(425)

-10.8%-10.3%*

(653)

(753)

-13.2%-15.9%*Net income

1,348

1,181

+14.1% +15.4%*

2,265

2,273

-0.4%

-2.7%*

O.w. non-controlling interests

235

281

-16.5%-25.3%*

472

506

-6.7%

-20.4%*

Group net income

1,113

900

+23.7% +29.5%*

1,793

1,768

+1.4%

+2.6%*

ROE

6.5%

4.9%

5.1%

4.9%

ROTE

7.4%

5.6%

5.8%

5.6%

Cost to income

68.4%

70.6%

71.6%

73.3%

Societe Generale’s Board of Directors, which met under the chairmanship of Lorenzo Bini Smaghi on
31 July 2024, examined Societe Generale Group’s results for the second quarter and for the first half of2024.
Net banking income
Net banking income stood at EUR 6.7 billion, up by +6.3% vs. Q2 23.
Revenues of French Retail, Private Banking and Insurance were up by +1.1% vs. Q2 23 and totalled
EUR 2.1 billion in Q2 24. Still penalised by the residual impact of short-term hedges booked until the
beginning of 2022 (around EUR -150 million over the quarter), net interest income continued to recoverin Q2 24 (+10% vs. Q2 23) despite an increasing share of interest-bearing deposits and a muted loan
environment in a competitive market on the other hand. Assets under management in the Private
Banking and Insurance businesses increased sharply over the quarter, respectively by +6% and +7% in
Q2 24 vs. Q2 23. Last, BoursoBank continued its sustained client acquisition with more than 300,000 new
clients over the quarter, allowing to reach over 6.5 million clients at the end of Q2 24.
Global Banking and Investor Solutions registered a sharp +10.0% increase in revenues in Q2 24 relative
to Q2 23. Revenues totalled EUR 2.6 billion over the quarter, driven by an excellent performance of Global
Markets and Global Transaction & Payment Services’ activities, which increased respectively by+15.7% and +13.5% vs. Q2 23. On Global Markets, revenues of equity businesses grew by +24%, driven byhigh volumes in a conducive environment. Fixed income and currencies businesses increased by +3% in
a context of spread tightening on rates and low volatility on foreign exchange. Financing and Advisory
turned in a solid performance with revenues of EUR 879 million, up by 2.9% relative to an already highlevel in Q2 23. Revenues were driven by a strong quarter for securitization, a rebound in investmentbanking activities and ongoing sustained commercial momentum for financing activities. Global
Transaction & Payment Services’ activities posted a +13.5% increase in revenues vs. Q2 23, driven by
favourable market environment and a sustained commercial development across the board.
Mobility, International Retail Banking and Financial Services’ revenues were down by -2.3% vs.
Q2 23. International Retail Banking’s revenues stood at EUR 1.0 billion, which is stable vs. Q2 23,
notably on the back of a favourable environment in Romania and Africa. Revenues for the Mobility and
Financial Services’ businesses contracted by -4.0% vs. Q2 23 owing to the high base effect of around
EUR 200 million on Ayvens whose revenues notably benefited in Q2 23 from significant positive impacts
associated with reduction in depreciation costs (around EUR +160 million in Q2 23), while they were2

negatively impacted by almost EUR 40 million in Q2 24 on the back of hyperinflation in Turkey. Excludingthese items, Ayvens’ margins increased sharply over the quarter relative to Q1 24 and the used car sales
results pursued their normalisation with an average result per unit at EUR 1,4801 in Q2 24.
The Corporate Centre recorded revenues of EUR -206 million in Q2 24.
Over the first half of the year, net banking income increased by +2.9% vs. H1 23.
Operating expenses
Operating expenses came to EUR 4,570 million in Q2 24, up +2.9% vs. Q2 23.
They include around EUR 105 million perimeter effect from the integration of LeasePlan and Bernstein
activities. The slight increase in Q2 24 operating expenses is mainly explained by the increase of EUR 81
million in expenses related to variable remuneration and the employee profit sharing scheme in France,in line with the Group’s performance. Adjusted for these items, operating expenses decreased by EUR 56 million in Q2 24 vs. Q2 23.
The cost-to-income ratio stood at 68.4% in Q2 24, down vs. Q2 23 (70.6%) and Q1 24 (74.9%).
Over the first half of the year, operating expenses rose slightly (+0.6% vs. H1 23) and the cost-to-income
ratio came to 71.6% (vs. 73.3% for H1 23).
Cost of risk
The cost of risk reached 26 basis points in Q2 24, or EUR 387 million, which is within the anticipatedrange of between 25 and 30 basis points for 2024. It breaks down as a EUR 501 million provision for
doubtful loans (around 34 basis points), which includes the impact of specific market files in France, anda EUR -114 million reversal on performing loan outstandings (around -8 basis points).
At 30 June 2024, the Group’s provisions on performing loans amounted to EUR 3,178 million, down
EUR -394 million relative to 31 December 2023, mainly owing to the application of IFRS 5 accounting
standards for activities under disposal.
The gross non-performing loan ratio stood at 3.0%2,3 at 30 June 2024. The net coverage ratio on theGroup’s non-performing loans stood at 80%4 at 30 June 2024 (after netting of guarantees and collateral).
Group net income
Group net income stood at EUR 1,113 million for the quarter, up by +24% vs. Q2 23, corresponding to
a Return on Tangible Equity (ROTE) of 7.4%.
Over the first half of the year, Group net income stood at EUR 1,793 million, equating to a Return on
Tangible Equity (ROTE) of 5.8%.

1

Excluding the impact of previous reduction in depreciation costs and Purchase Price Allocation

2

Ratio calculated according to European Banking Authority (EBA) methodology published on 16 July 2019
3 Ratio excluding loans outstanding of companies currently being disposed of in compliance with IFRS 5 (in particular Société Générale
Equipment Finance, SG Marocaine de Banques and La Marocaine Vie)
4 Ratio of S3 provisions, guarantees and collaterals over gross outstanding non-performing loans

3

ESG
Societe Generale continues to successfully execute its sustainability roadmap and has reached its
EUR 300 billion sustainable finance target more than 18 months ahead of schedule (initial target set
between the end of 2021 and the end of 2025).
The Group is consistently recognised by stakeholders for its leadership in ESG. It was recently rated as
the best diversified bank worldwide by Moody's ESG (with a score of 72/100) and was awarded for the"Best Transition Strategy" by Euromoney for the third year in a row.
The recently announced acquisition of a majority stake in Reed Management SAS illustrates the Group’s
ambitions in ESG. It bolsters the Group’s leadership in equity investment in emerging leaders of theenergy transition. This acquisition represents a key milestone in the EUR 1 billion energy transition
investment1.
Lastly, the Group continues to strengthen the support of its accompaniment of clients in their energy
transitions, offering them the most innovative and comprehensive financing solutions and through newpartnerships with relevant actors of the transition.

1 EUR 1bn Group’s

energy transition investment, announced at the Capital Markets Day in September 2023, with 3 components: emerging
leaders for the energy transition, nature-based solutions and impact-driven opportunities contributing to the UN SDGs

4

2. THE GROUP’S FINANCIAL STRUCTURE
At 30 June 2024, the Group’s Common Equity Tier 1 ratio stood at 13.1%1, or around 285 basis points
above the regulatory requirement. Likewise, the Liquidity Coverage Ratio (LCR) was well above
regulatory requirements at 152% at end-June 2024 (149% on average for the quarter), and the Net Stable
Funding Ratio (NSFR) stood at 118% at end-June 2024.
The Single Resolution Board notified Societe Generale Group of the Minimum Requirement for Own
Funds and Eligible Liabilities (MREL) applicable from June 2024. The MREL requirements were 23.27% ofGroup RWAs, in addition to the CBR2 (vs. 22.96% previously), and at 6.23% of Group leverage ratio
exposure (vs. 6.08% previously). At end-Q2 24, the MREL ratio stood at 33.1% of RWAs and 8.8% ofleverage ratio exposure, which is well above the regulatory requirement. In addition, Societe Generale
has chosen to waive the possibility offered by Article 72b(3) of the Capital Requirements Regulation touse senior preferred debt for compliance with its TLAC requirement.
All liquidity and solvency ratios are well above the regulatory requirements.
30/06/2024

31/12/2023

Current requirements

CET1(1)

13.1%

13.1%

10.26%

CET1 fully loaded

13.1%

13.1%

10.26%

Tier 1 ratio

15.7%

15.6%

12.19%

Total Capital(1)

18.5%

18.2%

14.75%

Leverage ratio

4.2%

4.3%

3.6%

TLAC (% RWA)(1)

28.4%

31.9%

22.33%

TLAC (% leverage)(1)

7.5%

8.7%

6.75%

MREL (% RWA)

33.1%

33.7%

27.60%

8.8%

9.2%

6.23%

End of period LCR

152%

160%

>100%

Period average LCR

149%

155%

>100%

NSFR

118%

119%

>100%

(1)

MREL (% leverage)(1)

In EURbn

30/06/2024

31/12/2023

Total consolidated balance sheet

1,592

1,554

Group shareholders’ equity

67

66

Risk-weighted assets

389

389

O.w. credit risk

327

326

Total funded balance sheet

965

970

Customer loans

466

497

Customer deposits

620

618

At 17 July 2024, the parent company has issued a total of 34.0 billion of medium medium/long-term debt,
of which EUR 17.6 billion of vanilla notes. The subsidiaries had issued EUR 4.0 billion. In all, the Grouphas issued a total of EUR 38.0 billion of medium/long-term notes.
The Group is rated by four rating agencies: (i) FitchRatings - long-term rating “A-”, positive outlook, seniorpreferred debt rating “A”, short-term rating “F1” (ii) Moody’s - long-term rating (senior preferred debt)“A1”, negative outlook, short-term rating “P-1” (iii) R&I - long-term rating (senior preferred debt) “A”,
stable outlook; and (iv) S&P Global Ratings - long-term rating (senior preferred debt) “A”, stable outlook,short-term rating “A-1”.

1 Including IFRS 9 phasing, proforma including Q2 24 results
2 Combined Buffer Requirement (CBR) of 4.33% at end-Q2 24

53. FRENCH RETAIL,PRIVATE BANKING AND INSURANCEIn EURm

Q2 24

Q2 23

Change

H1 24

H1 23

ChangeNet banking income

2,125

2,103

+1.1%

4,136

4,189

-1.3%

2,122

2,099

+1.1%

4,133

4,195

-1.5%

Operating expenses(1,649)(1,618)+1.9%(3,377)(3,464)-2.5%

Gross operating income

476

485

-1.7%

759

725

+4.7%

Net cost of risk

(173)

(110)

+57.1%

(420)

(198)

x 2.1

Operating income

304

375

-19.0%

339

527-35.6%Net banking income excl. PEL/CEL

Net profits or losses from other assets

8

(1)

n/s

8

3

x 2.4

Group net income

236

279

-15.4%

263

396-33.6%

RONE

6.0%

7.3%

3.4%

5.1%

Cost to income

77.6%

77.0%

81.7%

82.7%

Commercial activity
SG Network, Private Banking and Insurance
Average outstanding deposits of the SG Network amounted to EUR 235 billion in Q2 24. Deposits
increased by EUR 2 billion relative to Q1 24 (-2% vs. Q2 23), with a rise in interest-bearing deposits andfinancial savings.
The SG Network’s average loan outstandings contracted by -5% on the Q2 23 level to EUR 197 billion.
Outstanding loans to corporate and professional clients were stable vs. Q2 23, excluding governmentguaranteed PGE loans, the latter having contracted by EUR 3 billion vs. Q2 23. Home loan production
continued its recovery, with a +49% increase over the quarter relative to Q2 23, to levels that are still
nonetheless around 65% lower compared with 2021’s quarterly average.
As a result, the average loan to deposit ratio came to 83.8% in Q2 24, down 2.7 percentage points
compared to Q2 23.
Private Banking activities, which include French and international activities, posted record assets undermanagement (AuM) of EUR 152 billion in Q2 24. The net asset gathering pace (annualized net new money
divided by AuM) has risen by +6% since the start of the year, with net asset inflows totalling EUR 2.2 billion
in Q2 24. Net banking income came to EUR 377 million over the quarter, which is a -0.9% decrease vs.
Q2 23, and to EUR 753 million over the first half of the year, a +0.7% increase vs. H1 23.
Insurance, which includes French and international activities, posted very solid commercial
performances. Life insurance outstandings increased by +7% vs. Q2 23 to reach a record of EUR 143
billion at end-June 2024. The unit-linked portion of 39% remains at a high level and rose by +1 percentage
points vs. Q2 23. Gross life insurance savings inflows amounted to EUR 5.3 billion in Q2 24, up sharply by+67% vs. Q2 23.
Risk life and property & casualty premia grew by +3% vs. Q2 23.
BoursoBank
BoursoBank maintained a high acquisition pace with more than 300,000 new clients in Q2 24, in line with
its strategic ambitions. The Bank demonstrates an efficient and well monitored clients onboarding, witha -14% decrease in client acquisition costs over the quarter compared with previous quarter. The numberof clients at BoursoBank topped 6.5 million at the end of June 2024, a +31% increase vs. Q2 23.
As in previous quarters, BoursoBank continued to gain market share and posted a lower churn rate ofaround 3%, which is below the market rate.
6

Average loan outstandings were stable compared with Q2 23 level, at EUR 15 billion in Q2 24. The
rebound in loan production was confirmed in Q2 24, both for home loans (+23.9% vs. Q1 24) andconsumer loans (+12.8% vs. Q1 24), albeit at lower levels than in 2021.
Average outstanding savings including deposits and financial savings registered an increase by +14.6%
vs. Q2 23, to EUR 61 billion. Average deposit outstandings totalled EUR 37 billion in Q2 24, on the back ofa sharp increase in deposit inflows over the period (+17.1% vs. Q2 23) thanks to robust inflow momentum
on interest-bearing deposits. Life insurance posted average outstandings of EUR 12 billion in Q2 24 (o/w
46% unit-linked products, a +3.8 percentage-point increase vs. Q2 23), up by a sharp +6.5% vs. Q2 23
owing to high gross savings insurance inflows over the quarter (+62.0% vs. Q2 23). The brokerage activity
registered more than 2.2 million transactions during the quarter (+42% vs. Q2 23).
Revenues (excluding PEL/CEL and client acquisition costs) rose by over +9.1% relative to Q2 23.
Net banking income
Over the quarter, revenues came to EUR 2,125 million, up +1.1% vs. Q2 23, excluding PEL/CEL. Net
interest income for French Retail, Private Banking and Insurance increased by +10.6% vs. Q2 23 (+8.6%
vs. Q1 24) to EUR 893 million in Q2 24 (including PEL/CEL). Fees1 were stable in Q2 23, but rose by +2.3%
excluding BoursoBank client acquisition costs (+1.3% vs. Q1 24).
Over the first half of the year, revenues came to EUR 4,136 million, down -1.5% vs. H1 23, excluding
PEL/CEL. Net interest income excluding PEL/CEL was up by +3.7% vs. H1 23. Fee income1 was up by +0.6%
relative to H1 23.
In the second quarter, the share of interest-bearing deposits continued to increase and the loan
environment stayed subdued in a market that remained competitive. In this context and based on thelatest assumptions, the net interest income for French Retail, Private Banking and Insurance is expected,
in our best estimate, around EUR 3.8 billion for 2024.
Operating expenses
Over the quarter, operating expenses came to EUR 1,649 million, up +1.9% vs. Q2 23. Adjusted for thereversal of one-off EUR 60 million booked in Q2 23, they contracted by -1.7%. Operating expenses for Q2
24 included EUR 45 million in transformation costs. The cost-to-income ratio reached 77.6% in Q2 24.
Over the first half of the year, operating expenses totalled EUR 3,377 million (-2.5% vs. H1 23). The costto-income ratio stood at 81.7% and improved by 1 percentage point vs. H1 23.
Cost of risk
Over the quarter, the cost of risk amounted to EUR 173 million or 29 basis points, which was lower thanin Q1 24 (41 basis points).
Over the first half of the year, the cost of risk totalled EUR 420 million, or 35 basis points.
Group net income
Over the quarter, Group net income totalled EUR 236 million. RONE stood at 6.0% in Q2 24.
Over the first half of the year, Group net income totalled EUR 263 million. RONE stood at 3.4% in H1 24.

1 Including revenues from Insurance activities

74. GLOBAL BANKING AND INVESTOR SOLUTIONSIn EUR m

Q2 24

Q2 23

Variation

H1 24

H1 23

ChangeNet banking income

2,621

2,383

+10.0%+8.6%*

5,244

5,148

+1.9%

+1.3%*

Operating expenses(1,647)(1,638)+0.6%-0.6%*(3,404)(3,709)-8.2%-8.7%*

Gross operating income

973

745

+30.6%+28.9%*

1,840

1,439

+27.9%+26.9%*Net cost of risk

(21)

27

n/s

n/s

(1)

22

n/s

n/s

Operating income

952

772

+23.3%+21.7%*

1,839

1,461

+25.8%+24.8%*

Reported Group net income

770

620

+24.3%+23.1%*

1,462

1,168

+25.1%+24.3%*

RONE

20.4%

16.2%

+0.0%

+0.0%*

19.5%

15.0%

+0.0%

+0.0%*

Cost to income

62.9%

68.7%

+0.0%

+0.0%*

64.9%

72.1%

+0.0%

+0.0%*Net banking income
Global Banking and Investor Solutions again delivered a very strong performance in the second
quarter, posting revenues of EUR 2,621million, up +10.0% with respect to Q2 23.
Over the first half of the year revenues grew by +1.9% vs. H1 23 (EUR 5,244 million vs. EUR 5,148 million).
Global Markets and Investor Services recorded a rise in revenues of +14.0% to EUR 1,742 million overthe quarter vs. Q2 23. Over H1 24, revenues totalled EUR 3,485 million, i.e., a slight +1.1% increase vs.
H1 23. This growth was driven by Global Markets which realized a very strong performance, posting
revenues of EUR 1,560 million in Q2 24 (up by a sharp +15.7% vs. Q2 23) thanks to conducive market
conditions, notably for equities. In H1 24, revenues were up +2.8% in comparison to H1 23 at EUR 3,142
million.
The Equities business again delivered an excellent performance, posting revenues of EUR 989 million in
Q2 24, up +24.4% vs. Q2 23. The business benefited from positive market conditions across all activities.
Over the first half of the year revenues grew by +14.2% vs. H1 23 at EUR 1,858 million.
Fixed Income and Currencies registered a good performance with revenues up by +3.0% to
EUR 571 million, notably owing to supportive client activity in the investment solutions business whichmore than offset the contraction in flow and hedging activities in a context of tighter spreads in rates andlow volatility on foreign exchange rates. In H1 24 revenues were down -10.3% versus H1 23 at EUR 1,284
million.
Securities Services’ revenues were up +1.1% in Q2 24 at EUR 181 million, but increased by +2.0%
excluding the impact of equity participations. Positive trend in fee generation, but net interest income
remained penalised by the end of the remuneration of minimum reserve. Over the first half of the year,
revenues were down -12.0% and -1.4% excluding equity participations. Assets under Custody and Assets
under Administration amounted to EUR 4,808 billion and EUR 598 billion, respectively.
The Financing and Advisory business posted revenues of EUR 879 million, up +2.9% vs. Q2 23. Over the
first half of the year, the contribution to Group revenues totalled EUR 1,760 million, up by 3.4% vs. H1 23.
The Global Banking and Advisory revenues were broadly stable relative to Q2 23. The business wasnotably driven by the Asset-Backed Products platform which delivered an excellent quarter and by a
sharp rebound in the Investment Banking business that was driven by Merger & Acquisitions and Debt
Capital Markets. However, volumes remained low in the Equity Capital Markets activity. Financing
activities posted a sustained performance that was slightly down on the high baseline in Q2 23. Over the
first half of the year, revenues grew by +1.1% vs. H1 23.
Global Transaction & Payment Services again turned in a very robust performance compared with
Q2 23, posting a sharp +13.5% increase in revenues driven by strong commercial momentum and durably8

favourable market conditions amid ongoing high interest rates. In H1 24, revenues were up +10.6%
versus H1 23.
Operating expenses
Operating expenses came to EUR 1,647 million over the quarter and included EUR 29 million intransformation costs. Operating expenses rose slightly by +0.6% relative to Q2 23 and up +5.5% restatedfrom Q2 23 one-offs and perimeter effect. The cost-to-income ratio came to 62.9% over the quarter.
Over the first half of 2024, operating expenses contracted by -8.2% compared with H1 23 translating
into a cost-to-income ratio, which came to 64.9% in H1 24.

Cost of risk
Over the quarter, the cost of risk was a very low EUR 21 million, or 5 basis points.
Over the first half of the year, the cost of risk was EUR 1 million, or 0 basis points.

Group net income
Group net income totalled EUR 770 million in Q2 24, up strongly by +24.3% vs. Q2 23. Over the first halfof the year, Group net income rose by +25.1% to EUR 1,462 million.
Global Banking and Investor Solutions reported RONE of 20.4% for the quarter and RONE of 19.5% for
the first half of the year.

95. MOBILITY,SERVICESINTERNATIONALRETAILIn EURm

Q2 24

Q2 23

Net banking income

2,145

2,196

-2.3%

Operating expenses(1,261)(1,153)Gross operating income

884

Net cost of risk

(189)

Operating income

BANKING

ChangeAND

FINANCIAL

H1 24

H1 23

Change-5.7%*

4,295

4,263

+0.8%

-9.3%*+9.3%+3.4%*(2,611)(2,240)+16.6%+2.7%*

1,043-15.2%-15.6%*

1,684

2,023

-16.8%-22.7%*

(83)

x 2.3

x 2.2*

(370)

(174)

x 2.1

x 2.0*

696

960-27.5%-27.6%*

1,313

1,849

-29.0%-34.7%*

Non-controlling interests

208

247

-15.9%-25.6%*

400

437

-8.4%

-24.1%*

Reported Group net income

316

473

-33.3%-28.6%*

589

948-37.9%-40.0%*

RONE

12.1%

20.5%

11.3%

20.6%

Cost to income

58.8%

52.5%

60.8%

52.5%

Commercial businesses
International Retail Banking
International Retail Banking1 continued its solid performance in Q2 24, recording loan outstandings of
EUR 67 billion, an increase of +1.4% compared with Q2 23 (+4.5%* vs. Q2 23). Outstanding deposits
totalled EUR 83 billion in Q2 24, an increase of +2.9% compared with Q2 23 (+6.5%* vs. Q2 23).
Europe posted solid commercial momentum in all client segments for both entities, with growth in totalloan outstandings of +1.5% vs. Q2 23 (+5.9%*, outstandings of EUR 42 billion in Q2 24) and growth of+3.3% in outstanding deposits vs. Q2 23 (+7.7%*, outstandings of EUR 55 billion in Q2 24).
In Africa, Mediterranean Basin and French Overseas Territories loan outstandings were up by +2.2%*
vs. Q2 23, with outstandings of EUR 25 billion in Q2 24. Deposit outstandings stood at EUR 28 billion in
Q2 24. They increased overall by +4.2%* vs. Q2 23, with observable growth in all segments across both
the Mediterranean Basin and sub-Saharan Africa.
Mobility and Financial Services
Overall, Mobility and Financial Services recorded good commercial performances.
Ayvens’ earning assets totalled EUR 53.2 billion at end-June 2024, around +10% increase vs. end-June2023 (around +1% vs. Q1 24).
The Consumer Finance business posted loans outstanding of EUR 23 billion at Q2 24, down -4.2%
vs. Q2 23 amid a durably challenging environment, notably in France.
The Equipment Finance outstandings at EUR 15 billion in Q2 24, recorded a slight rise relative to theyear-earlier period.
Net banking income
Over the quarter, Mobility, International Retail Banking and Financial Services’ revenues decreasedby -2.3% vs. Q2 23 to EUR 2,145 million.
Over the first half of the year, revenues were at EUR 4,295 million, up by +0.8% compared with the firstsix months of 2023.
International Retail Banking’s net banking income was stable for the quarter vs. Q2 23 at
EUR 1,040 million but up by +3.5%* at constant perimeter and exchange rates. Over the first half of the

1 Including Moroccan outstandings

10year, revenues came to EUR 2,073 million, stable vs. H1 23 and up +3.5%* at constant perimeter andexchange rates.
Europe posted solid revenues of EUR 492 million for the second quarter of 2024, slightly up by +0.8%*
vs. Q2 23 (-3.3% at current exchange rates). Revenues were driven by high fee income generated by KB
and increased net interest income in Romania, in contrast to the Czech Republic where banks’ netinterest income was negatively impacted by the end of remuneration of minimum reserves.
Net banking income in Africa, Mediterranean Basin and French Overseas Territories rose by +5.9%*
vs. Q2 23 to EUR 547 million in Q2 24, driven by a sharp increase in fee income and a rise in net interest
income vs. Q2 23.
In Q2 24, Mobility and Financial Services’ revenues decreased by -4.0% vs. Q2 23 to EUR 1,105 million.
Over the first half of the year, they rose by +1.7% to EUR 2,222 million.
Ayvens’ net banking income decreased by -4.2%1 in Q2 24 vs. Q2 23. It includes changes in the perimeterand negative base effects on non-recurring items. Compared to Q1 24, revenues restated from nonrecurring items increased by +4.5%2. Ayvens posted a margin of 539 basis points3 this quarter, increasing
relative to Q1 24 (522 basis points)3, and generated EUR 27 million of additional synergies in line with theannual target of EUR 120 million (EUR 47 million in H1 24). The average used car sales result per vehicle(UCS) continued to normalise to EUR 1,4804 per unit in Q2 24 (excluding the impact of reduction in
depreciation costs and Purchase Price Allocation) vs. EUR 1,661 in Q1 24 4.
Outstandings for the Consumer Finance business decreased by -4,2% relative to Q2 23, with revenues
negatively impacted by a durably challenging environment, notably in France, which resulted in a -4.9%
contraction in net banking income in Q2 24 vs. Q2 23. Equipment Finance posted a net banking income
stable over the same period.
Operating expenses
Over the quarter, operating expenses came to EUR 1,261 million, up by +9,3% vs. Q2 23 (+3,4%* atconstant perimeter and exchange rates). They include the integration of LeasePlan costs over a fullquarter and EUR 50 million of transformation charges. The cost-to-income ratio came to 58.8% in Q2 24.
Over the first half of the year, operating expenses came to EUR 2,611 million, up +16.6% vs. H1 23.
International Retail Banking recorded a controlled rise in operating expenses of +2.7% vs. Q2 23 amid
an inflationary environment (EUR 596 million in Q2 24).
The Mobility and Financial Services business recorded a +16.0% increase in operating expenses overthe quarter vs. Q2 23 at EUR 665 million, owing notably to the integration of LeasePlan costs and relatedtransformation costs. Operating expenses were stable* vs. Q2 23 at constant perimeter and exchange
rates.
Cost of risk
Over the quarter, the cost of risk normalised to 45 basis points (or EUR 189 million).
Over the first half of the year, the cost of risk stood at 44 basis points.

1 -3.9% vs. Q2 23 restated both from non-recurring items (notably reduction in depreciation costs at EUR 7m in Q2 24 vs. EUR 158m in Q2 23 andhyperinflation in Turkey at EUR -37m in Q2 24 vs. EUR 1m in Q2 23) and perimeter effect including Purchase Price Allocation (base effect of~EUR 130m as the first contribution of LeasePlan happened on May 22 2023)
2 Excluding non-recurring items (driven by hyperinflation in Turkey at EUR -37m in Q2 24 vs. EUR -2m in Q1 24)
3 Annualised and as a percentage of average earning assets
4 Excluding the impact of previous reduction in depreciation costs and Purchase Price Allocation

11

Group net income
Over the quarter, Group net income came to EUR 316 million. RONE was at 12.1% for the pillar in
Q2 24,15.4% in International Retail Banking, and 10.0% in Mobility and Financial Services.
Over the first half of the year, Group net income came to EUR 589 million. RONE stood at 11.3% in
H1 24. RONE was 13.8% in International Retail Banking, and 9.7% in Mobility and Financial Services in
H1 24.

12

6. CORPORATE CENTRE
In EURm

Q2 24

Q2 23

H1 24

H1 23

Net banking income

(206)

(395)

+47.7%

Change+48.5%*

(345)

(642)

+46.3%

Change+47.0%*

Operating expenses

(13)

(32)

-57.9%-69.4%*

(158)

(85)

+87.3%+78.8%*

Gross operating income

(220)

(426)

+48.5%+50.1%*

(503)

(727)

+30.8%+32.5%*Net cost of risk

(4)

(0)

n/s

n/s

5

2

n/s

n/s

Net profits or losses from other assets

(15)

(80)

+81.1%+81.1%*

(99)

(100)

+1.2%

+1.2%*

Income tax

61

57

-6.6%

-2.5%*

145

129-12.0%-8.8%*

Reported Group net income

(209)

(472)

+55.7%+56.9%*

(521)

(745)

+30.2%+31.5%*The Corporate Centre includes:- the property management of the Group’s head office,- the Group’s equity portfolio,- the Treasury function for the Group,- certain costs related to cross-functional projects, as well as several costs incurred by the Group
that are not re-invoiced to the businesses.
Net banking income
The Corporate Centre’s net banking income totalled EUR -206 million in Q2 24 vs. EUR -395 million in
Q2 23.
Operating expenses
Operating expenses totalled EUR -13 million in Q2 24 vs. EUR -32 million in Q2 23.
Group net income
The Corporate Centre’s Group net income totalled EUR -209 million in Q2 24 vs. EUR -472 million in
Q2 23.
Societe Generale received at the end of July 2024 proceeds of EUR 301 million closing out its remaining
exposures in Russia linked to its past local presence through Rosbank. Those exposures which were
either valued at zero or provisioned in the Group accounts, have been recovered in accordance withapplicable regulations and after approvals of regulatory authorities. The financial elements linked to thisoperation will be booked in the third quarter 2024 accounts, they will generate a positive contribution to
the Group net income comprised between EUR 200 and EUR 250 million after tax.

13

7. 2024 AND 2025 FINANCIAL CALENDAR
2024 and 2025 Financial communication calendar
31 October, 2024
6 February, 2025
30 April, 2025

Third quarter and nine month 2024 results
Fourth quarter and full year 2024 results
First quarter 2025 results

The Alternative Performance Measures, notably the notions of net banking income for the pillars,
operating expenses, cost of risk in basis points, ROE, ROTE, RONE, net assets and tangible net assets
are presented in the methodology notes, as are the principles for the presentation of prudential
ratios.
This document contains forward-looking statements relating to the targets and strategies of the Societe Generale
Group.
These forward-looking statements are based on a series of assumptions, both general and specific, in particular theapplication of accounting principles and methods in accordance with IFRS (International Financial ReportingStandards) as adopted in the European Union, as well as the application of existing prudential regulations.
These forward-looking statements have also been developed from scenarios based on a number of economic
assumptions in the context of a given competitive and regulatory environment. The Group may be unable to:- anticipate all the risks, uncertainties or other factors likely to affect its business and to appraise their potential
consequences;- evaluate the extent to which the occurrence of a risk or a combination of risks could cause actual results to differ
materially from those provided in this document and the related presentation.
Therefore, although Societe Generale believes that these statements are based on reasonable assumptions, theseforward-looking statements are subject to numerous risks and uncertainties, including matters not yet known to it
or its management or not currently considered material, and there can be no assurance that anticipated events will
occur or that the objectives set out will actually be achieved. Important factors that could cause actual results todiffer materially from the results anticipated in the forward-looking statements include, among others, overall
trends in general economic activity and in Societe Generale’s markets in particular, regulatory and prudentialchanges, and the success of Societe Generale’s strategic, operating and financial initiatives.
More detailed information on the potential risks that could affect Societe Generale’s financial results can be foundin the section “Risk Factors” in our Universal Registration Document filed with the French Autorité des Marchés
Financiers (which is available on https://investors.societegenerale.com/en).
Investors are advised to take into account factors of uncertainty and risk likely to impact the operations of the Group
when considering the information contained in such forward-looking statements. Other than as required byapplicable law, Societe Generale does not undertake any obligation to update or revise any forward-looking
information or statements. Unless otherwise specified, the sources for the business rankings and market positions
are internal.

14

8. APPENDIX 1: FINANCIAL DATAGROUP NET INCOME BY CORE BUSINESSIn EURm

Q2 24

Q2 23

Variation

H1 24

H1 23

Variation

French Retail, Private Banking and Insurance

236

279

-15.4%

263

396-33.6%

Global Banking and Investor Solutions

770

620

+24.3%

1,462

1,168

+25.1%

Mobility, International Retail Banking & Financial Services

316

473

-33.3%

589

948-37.9%

Core Businesses

1,322

1,372

-3.7%

2,313

2,513

-7.9%

Corporate Centre

(209)

(472)

+55.7%

(521)

(745)

+30.2%

Group

1,113

900

+23.7%

1,793

1,768

+1.4%

MAIN EXCEPTIONAL ITEMSIn EURm

Q2 24

Q2 23

H1 24

H1 23

Net Banking Income - Total exceptional items

0

(240)

0

(240)

One-off legacy items - Corporate Centre

0

(240)

0

(240)

(124)

(271)

(476)

(517)

(124)

(236)

(476)

(482)

Of which French Retail, Private Banking and Insurance

(45)

(134)

(127)

(284)

Of which Global Banking & Investor Solutions

(29)

(32)

(183)

(61)

Of which Mobility, International Retail Banking & Financial Services

(50)

(70)

(119)

(137)

Of which Corporate Centre

0

0

(47)

0

0

(35)

0

(35)

0

(79)

0

(79)

0

(79)

0

(79)

Operating expenses - Total one-off items and transformation charges
Transformation charges

One-off items
Other one-off items - Total
Net profits or losses on other assets - Disposals

15

CONSOLIDATED BALANCE SHEETIn EUR m
Cash, due from central banks

30.06.2024

31.12.2023

223,220

223,048

530,826

495,882

Hedging derivatives

5,352

10,585

Financial assets at fair value through other comprehensive income

92,13890,894

Securities at amortised cost

30,35328,147

Financial assets at fair value through profit or loss

Due from banks at amortised cost

78,41577,879Customer loans at amortised cost

455,438

485,449

Revaluation differences on portfolios hedged against interest rate risk

(1,259)(433)

Insurance and reinsurance contracts assets

473

459

Tax assets

4,583

4,717

Other assets

77,131

69,765

Non-current assets held for sale

28,661

1,763

387

227

61,35660,714

Investments accounted for using the equity method
Tangible and intangible fixed assets
Goodwill
Total
In EUR m
Due to central banks

5,070

4,949

1,592,144

1,554,045

30.06.2024

31.12.2023

9,522

9,718

Financial liabilities at fair value through profit or loss

407,702375,584

Hedging derivatives

12,18918,708Debt securities issued

161,886

160,506

Due to banks

105,778

117,847

Customer deposits

540,355

541,677

Revaluation differences on portfolios hedged
against interest rate risk

(6,994)(5,857)Tax liabilities

2,405

2,402

Other liabilities

97,25593,658Non-current liabilities held for sale

19,2191,703

Insurance contracts related liabilities

146,420

141,723

Provisions

4,143

4,235

Subordinated debts

15,852

15,894

1,515,732

1,477,798

Shareholder's equity--

Shareholders' equity, Group share--

20,96621,186

Total liabilities

Issued common stocks and capital reserves
Other equity instruments

9,357

8,924

Retained earnings

34,20732,891

Net income

1,793

2,493

Sub-total

66,32365,494506

481

66,82965,975

Non-controlling interests

9,583

10,272

Total equity

76,412

76,247

1,592,144

1,554,045

Unrealised or deferred capital gains and losses
Sub-total equity, Group share

Total

16

9. APPENDIX 2: METHODOLOGY
1 - The financial information presented for the second quarter and first half 2024 was examined by
the Board of Directors on July 31st, 2024 and has been prepared in accordance with IFRS as adopted in
the European Union and applicable at that date. The limited review procedures on the condensed
interim statement at 30 June 2024 carried by the Statutory Auditors are currently underway.
2 - Net banking income
The pillars’ net banking income is defined on page 42 of Societe Generale’s 2024 Universal Registration
Document. The terms “Revenues” or “Net Banking Income” are used interchangeably. They provide anormalised measure of each pillar’s net banking income taking into account the normative capital
mobilised for its activity.
3 - Operating expenses
Operating expenses correspond to the “Operating Expenses” as presented in note 5 to the Group’s
consolidated financial statements as at December 31st, 2023. The term “costs” is also used to refer toOperating Expenses. The Cost/Income Ratio is defined on page 42 of Societe Generale’s 2024 Universal
Registration Document.
4 - Cost of risk in basis points, coverage ratio for doubtful outstandings
The cost of risk is defined on pages 43 and 770 of Societe Generale’s 2024 Universal Registration
Document. This indicator makes it possible to assess the level of risk of each of the pillars as a percentage
of balance sheet loan commitments, including operating leases.
Q2 24

Q2 23

H1 24

H1 23

Cost of Risk in bp

173
236,04429

109
249,84318420
237,21935

198
251,266
16

Net Cost Of Risk

21

(27)

1

(22)

164,8295

165,847(7)

163,6430

171,719(3)

189
166,96745

83
137,81924

370
167,429
44

174
136,40426

424,5836

1
18,8732(5)23,974(5)(2)
17,705(2)

387
592,42226

166
572,38212

787
592,26527

348
577,093
12

In EURm
French Retail, Private Banking andInsurance

Net Cost Of Risk
Gross loan Outstandings

Global Banking and Investor Solutions Gross loan Outstandings
Cost of Risk in bp
Net Cost Of Risk
Mobility, International Retail Banking &Gross loan Outstandings
Financial Services
Cost of Risk in bp
Net Cost Of Risk
Corporate Centre

Gross loan Outstandings
Cost of Risk in bp
Net Cost Of Risk

Societe Generale GroupGross loan Outstandings
Cost of Risk in bp

The gross coverage ratio for doubtful outstandings is calculated as the ratio of provisions recognised
in respect of the credit risk to gross outstandings identified as in default within the meaning of theregulations, without taking account of any guarantees provided. This coverage ratio measures the
maximum residual risk associated with outstandings in default (“doubtful”).

17

5 - ROE, ROTE, RONE
The notions of ROE (Return on Equity) and ROTE (Return on Tangible Equity), as well as their calculation
methodology, are specified on pages 43 and 44 of Societe Generale’s 2024 Universal Registration
Document. This measure makes it possible to assess Societe Generale’s return on equity and return on
tangible equity.
RONE (Return on Normative Equity) determines the return on average normative equity allocated to theGroup’s businesses, according to the principles presented on page 44 of Societe Generale’s 2024
Universal Registration Document.
Group net income used for the ratio numerator is the accounting Group net income adjusted for “Interest
paid and payable to holders if deeply subordinated notes and undated subordinated notes, issuepremium amortisation”. For ROTE, income is also restated for goodwill impairment.
Details of the corrections made to the accounting equity in order to calculate ROE and ROTE for theperiod are given in the table below:
ROTE calculation: calculation methodology
End of period (in EURm)

Q2 24

Q2 23

H1 24

H1 23

Shareholders' equity Group share

66,82968,007

66,82968,007

Deeply subordinated and undated subordinated notes(9,747)(10,815)(9,747)(10,815)Interest payable to holders of deeply & undated subordinated notes,
issue premium amortisation(1)

(19)

(28)

(19)

(28)

OCI excluding conversion reserves
Distribution provision(2)

705

688

705

688

(718)

(982)

(718)

(982)

Distribution N-1 to be paid

-

(441)

-

(441)

ROE equity end-of-period

57,05056,43057,05056,430

Average ROE equity

56,79756,33456,66056,203

Average Goodwill(4,073)(4,041)(4,040)(3,847)

Average Intangible Assets(2,937)(3,117)(2,947)(2,997)

Average ROTE equity

49,78749,17649,67349,359Group net Income
Interest paid and payable to holders of deeply subordinated notes andundated subordinated notes, issue premium amortisation

1,113

900

1,793

1,768

(190)

(216)

(356)

(379)

(3)

Cancellation of goodwill impairment

-

-

-

-

Adjusted Group net Income

923

684

1,437

1,390

ROTE

7.4%

5.6%

5.8%

5.6%

123

RONE calculation: Average capital allocated to Core Businesses (in EURm)
In EURm

Q2 24

Q2 23

Change

H1 24

H1 23

ChangeFrench Retail , Private Banking and Insurance

15,642

15,219+2.8%

15,56015,403+1.0%

Global Banking and Investor Solutions

15,125

15,340-1.4%

14,97815,567-3.8%

Mobility, International Retail Banking & Financial Services

10,4139,222+12.9%

10,4179,190+13.3%

Core Businesses

41,18039,782+3.5%

40,95540,160+2.0%

Corporate Center

15,617

16,552-5.6%

15,705

16,043

-2.1%

Group

56,79756,334+0.8%

56,66056,203+0.8%

1Interest net of tax

2

The dividend to be paid is calculated based on a pay-out ratio of 50%, restated from non-cash items and after deduction of interest on deeply
subordinated notes and on undated subordinated notes
3

Excluding goodwill arising from non-controlling interests18

6 - Net assets and tangible net assets
Net assets and tangible net assets are defined in the methodology, page 45 of the Group’s 2024 Universal
Registration Document. The items used to calculate them are presented below:
12

End of period (in EURm)

H1 24

Q1 24

2023

Shareholders' equity Group share

66,82967,342

65,975

Deeply subordinated and undated subordinated notes(9,747)(10,166)(9,095)Interest of deeply & undated subordinated notes, issue premium amortisation(1)

(19)

(71)

(21)

Book value of own shares in trading portfolio

96

54

36

Net Asset Value

57,15957,15856,895

Goodwill(2)(4,143)(4,004)(4,008)Intangible Assets(2,917)(2,958)(2,954)

Net Tangible Asset Value

50,09950,19649,933

Number of shares used to calculate NAPS(3)787,442

799,161

796,244

Net Asset Value per Share

72.6

71.5

71.5

Net Tangible Asset Value per Share

63.6

62.8

62.7

7 - Calculation of Earnings Per Share (EPS)The EPS published by Societe Generale is calculated according to the rules defined by the IAS 33 standard(see page 44 of Societe Generale’s 2024 Universal Registration Document). The corrections made toGroup net income in order to calculate EPS correspond to the restatements carried out for the
calculation of ROE and ROTE.
The calculation of Earnings Per Share is described in the following table:
Average number of shares (thousands)

H1 24

Q1 24

2023

Existing shares

802,980802,980

818,008

Shares allocated to cover stock option plans and free shares awarded to staff

4,791

5,277

6,802

Other own shares and treasury shares

3,907

0

11,891

Deductions(4)794,282

797,703799,315

Group net Income (in EUR m)

1,793

680

2,493

Interest on deeply subordinated notes and undated subordinated notes (in EUR m)

(356)

(166)

(759)

Adjusted Group net income (in EUR m)

1,437

514

1,735

EPS (in EUR)

1.81

0.64

2.17

Number of shares used to calculate EPS

3

8 - The Societe Generale Group’s Common Equity Tier 1 capital is calculated in accordance withapplicable CRR2/CRD5 rules. The fully loaded solvency ratios are presented pro forma for current
earnings, net of dividends, for the current financial year, unless specified otherwise. When there isreference to phased-in ratios, these do not include the earnings for the current financial year, unlessspecified otherwise. The leverage ratio is also calculated according to applicable CRR2/CRD5 rules
including the phased-in following the same rationale as solvency ratios.

1

Interest net of tax

2

Excluding goodwill arising from non-controlling interests

3 The number of shares considered is the average number of ordinary shares outstanding during the period, excluding treasury shares andbuybacks, but including the trading shares held by the Group.
4 The number of shares considered is the number of ordinary shares outstanding at end of period, excluding treasury shares and buybacks, but
including the trading shares held by the Group

19

9 - Funded balance sheet, loan to deposit ratio
The funded balance sheet is based on the Group financial statements. It is obtained in two steps:- A first step aiming at reclassifying the items of the financial statements into aggregates allowing fora more economic reading of the balance sheet. Main reclassifications:
Insurance: grouping of the accounting items related to insurance within a single aggregate in both
assets and liabilities.
Customer loans: include outstanding loans with customers (net of provisions and write-downs,
including net lease financing outstanding and transactions at fair value through profit and loss);
excludes financial assets reclassified under loans and receivables in accordance with the conditions
stipulated by IFRS 9 (these positions have been reclassified in their original lines).
Wholesale funding: Includes interbank liabilities and debt securities issued. Financing transactions
have been allocated to medium/long-term resources and short-term resources based on the maturityof outstanding, more or less than one year.
Reclassification under customer deposits of the share of issues placed by French Retail Banking
networks (recorded in medium/long-term financing), and certain transactions carried out withcounterparties equivalent to customer deposits (previously included in short term financing).
Deduction from customer deposits and reintegration into short-term financing of certain transactions
equivalent to market resources.
- A second step aiming at excluding the contribution of insurance subsidiaries, and netting derivatives,
repurchase agreements, securities borrowing/lending, accruals and “due to central banks”.
The Group loan/deposit ratio is determined as the division of the customer loans by customer deposits
as presented in the funded balance sheet.
NB (1) The sum of values contained in the tables and analyses may differ slightly from the total reported
due to rounding rules.
(2) All the information on the results for the period (notably: press release, downloadable data,
presentation slides and supplement) is available on Societe Generale’s website
www.societegenerale.com in the “Investor” section.

10. APPENDIX 3 : CHANGE IN NAME OF INTERNATIONAL RETAILBANKING, MOBILITY AND LEASING SERVICES’ ACTIVITIESThe name of International Retail Banking, Mobility and Leasing Services’ activities was changed asfollows: Mobility, International Retail Banking and Financial Services. This change in name has no impact
on historical financial results of the pillar.

20

11.

APPENDIX 4: PUBLICATION OF NEW QUARTERLY SERIES

Societe Generale is reporting new quarterly series mainly reflecting the impacts from theorganisation changes operated within Global Banking and Investor Solutions’ activities.
In compliance with the strategic goal of a more asset-light capital model, the Group set up in the second
quarter 2024 a common sales platform between teams working in Financing & Advisory and Global
Markets activities to boost the distribution of assets held on the balance sheet. This change resulted in,on the one hand, the gathering of revenues and costs within a single entity and, on the other, a change
in their share between Financing and Advisory and Global Markets.
Also, a few other minor adjustments have been made on the share of revenues and costs within some
activities.
2022, 2023 and Q1 24 quarterly series were restated accordingly and are available on Societe Générale
website (the data of this press release have not been audited).
2022, 2023 and Q1 24 financial impacts on Global Banking and Investor Solutions’ activities
2022 (In EURm)
Global Markets and Investor Services
Reported Reported
03/05/2024 01/08/2024
Net Banking
IncomeOperatingexpenses
Gross operating
incomeGroup net
incomeGap

Financing and Advisory
Reported Reported
03/05/2024 01/08/2024

Global Banking and Investor Solutions

Gap

Reported
03/05/2024

Reported
01/08/2024

Gap

6,721

6,671

-50

3,387

3,438

51

10,108

10,1102-4,878-4,79187-1,954-2,038-84-6,832-6,830

2

1,843

1,880

37

1,433

1,400

-33

3,276

3,280

4

1,402

1,429

27

891

868

-23

2,293

2,297

4

2023 (In EURm)
Global Markets and Investor Services
Reported Reported
03/05/2024 01/08/2024
Net Banking
IncomeOperatingexpenses
Gross operating
incomeGroup net
incomeGap

Financing and Advisory
Reported Reported
03/05/2024 01/08/2024

Global Banking and Investor Solutions

Gap

Reported
03/05/2024

Reported
01/08/2024

Gap

6,299

6,273

-26

3,341

3,369

28

9,640

9,642

2

-4,755-4,69857-2,032-2,091-59-6,787-6,788

-1

1,544

1,575

31

1,309

1,279

-30

2,853

2,854

1

1,166

1,191

25

1,114

1,090

-24

2,280

2,280

0

Q1 24 (In EURm)
Global Markets and Investor Services
Reported Reported
03/05/2024 01/08/2024
Net Banking
IncomeOperatingexpenses
Gross operating
incomeGroup net
incomeGap

Financing and Advisory
Reported Reported
03/05/2024 01/08/2024

Global Banking and Investor Solutions

Gap

Reported
03/05/2024

Reported
01/08/2024

Gap

1,764

1,743

-21

859

881

+22

2,623

2,623

0

-1,198-1,185

+13

-559

-572

-13

-1,757-1,757

0

566

558

-8

316

309

+9

866

867

1

428

421

-7

262

270

+8

690

691

1

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Societe Generale
Societe Generale is a top tier European Bank with more than 126,000 employees serving about 25 million clients in 65 countries
across the world. We have been supporting the development of our economies for nearly 160 years, providing our corporate,institutional, and individual clients with a wide array of value-added advisory and financial solutions. Our long-lasting and trusted
relationships with the clients, our cutting-edge expertise, our unique innovation, our ESG capabilities and leading franchises arepart of our DNA and serve our most essential objective - to deliver sustainable value creation for all our stakeholders.
The Group runs three complementary sets of businesses, embedding ESG offerings for all its clients:• French Retail, Private Banking and Insurance, with leading retail bank SG and insurance franchise, premium privatebanking services, and the leading digital bank BoursoBank.

• Global Banking and Investor Solutions, a top tier wholesale bank offering tailored-made solutions with distinctive global
leadership in equity derivatives, structured finance and ESG.

• Mobility, International Retail Banking and Financial Services, comprising well-established universal banks (in Czech

Republic, Romania and several African countries), Ayvens (the new ALD I LeasePlan brand), a global player in sustainablemobility, as well as specialized financing activities.

Committed to building together with its clients a better and sustainable future, Societe Generale aims to be a leading partnerin the environmental transition and sustainability overall. The Group is included in the principal socially responsible
investment indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity andInclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders indexes, and the MSCI Low Carbon Leaders
Index (World and Europe).

For more information, you can follow us on Twitter/X @societegenerale or visit our website societegenerale.com.

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