Societe Generale SA (XTER:SGE)
€ 25.11 0.11 (0.44%) Market Cap: 19.99 Bil Enterprise Value: 9.62 Bil PE Ratio: 8.52 PB Ratio: 0.31 GF Score: 65/100
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Half Year 2024 Societe Generale SA Earnings Call Transcript

Aug 01, 2024 / 08:30AM GMT
Release Date Price: €21.84 (-8.91%)
Slawomir Krupa
Societe Generale SA - Chief Executive Officer, Executive Director, Member of the Executive Committee

Thank you. Good morning, everyone. Thank you for joining the conference call today. We are pleased to present Société Générale group's results for the second quarter. They reflect the sustained improvement in profitability and the right pace towards the delivery of our financial targets.

The group's net income improves by 24% compared to last year and it stands at EUR1.1 billion in Q2 '24 equivalent to a quarterly ROTE of 7.4%. The cost income ratio is improving as well, at 68.4% for the quarter and 71.6% for the half year, moving us closer to our annual targets. Revenues are up 6% compared to last year and this outcome is driven by an overall robust performance of most businesses, with once again, an excellent quarter in Global Banking and Investment Solutions, sustained performance of our International Retail Banking and higher margins at Ayvens.

In France, NII is improving quarter after quarter, but it is facing headwinds coming from -- coming from an increased

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