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Société Générale Société anonyme (GLE.PA)

Paris - Paris Delayed price. Currency in EUR
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25.25-0.39 (-1.50%)
At close: 5:36PM CEST
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Previous close25.64
Open25.29
Bid0.00 x 0
Ask0.00 x 0
Day's range25.02 - 25.47
52-week range10.77 - 25.47
Volume5,190,422
Avg. volume4,694,673
Market cap21.429B
Beta (5Y monthly)1.89
PE ratio (TTM)N/A
EPS (TTM)N/A
Earnings dateN/A
Forward dividend & yield0.55 (2.37%)
Ex-dividend date25 May 2021
1y target estN/A
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News
  • Globe Newswire

    Societe Generale: Description of the share buyback programme subject to the authorisation of the ordinary General Assembly dated 18 May 2021

    DESCRIPTION OF THE SHARE BUYBACK PROGRAMME SUBJECT TO THE AUTHORISATION OF THE ORDINARY GENERAL MEETING DATED 18 MAY 2021 Regulated information 11th May 2021 This description is drawn up in accordance with the provisions of Articles 241-1 and 241-2 I of the General Regulation of the French Financial Markets Authority (Autorité des marches financiers). 1. Date of the General Meeting called to authorise the share buyback programme The authorisation for the Company to buy its own shares will be proposed to the ordinary General Meeting dated 18 May 2021. 2. Breakdown by objectives of the securities held As at 10th May 2021, at midnight (Paris time), the allocation of the shares held directly by the Company is as follows: Cancellation 0Allocation to employees and company officers 2 944 182Exercise of rights attached to securities 0External growth 0Liquidity agreement 33 500 3. Purposes of the share buyback programme Societe Generale contemplates renewing its authorisation to buy its own shares so it can: grant, cover and honour any free shares allocation plan, employee savings plan and any form of allocation for the benefit of employees and company officers of the Company or affiliated companies under the conditions defined by the applicable legal and regulatory provisions;cancel them, in accordance with the terms of the authorisation of the combined General Meeting dated 19 May 2020 in its 26th resolution;deliver shares upon the exercise of rights attached to securities giving access to the Company’s share capital;hold and subsequently deliver shares as payment or exchange as part of Group’s external growth transactions;allow an investment services provider to trade in the Company’s shares as part of a liquidity agreement compliant with the regulations of the French Financial Markets Authority (Autorité des Marchés Financiers). 4. Maximum amount allocated to the share buyback programme, maximum number and characteristics of the securities, maximum purchase price The resolution proposed to the General Meeting provides that Societe Generale could purchase its ordinary shares for an amount of up to 5% of the share capital at the completion date of these purchases, reminded that, in accordance with the law, the number of shares held after these buybacks may not exceed, at any time, 10% of the share capital. Within the framework of the share buyback programme subject to the authorisation of the General Meeting and given the actual share capital, the Company could purchase a theoretical maximum number of 42,668,574 shares representing 5% of the share capital. The maximum purchase price would be set at EUR 75 per share, i.e. a potential maximum amount allocated to the programme of EUR 3,200,143,050. This maximum amount is likely to change in case of operations with impacts on the share capital. 5. Duration of the share buyback programme It is proposed to the ordinary General Meeting dated 18 May 2021 to set the duration of the authorisation for the Company to buy its own shares at 18 months from the date of the General Meeting. 6. Prudential requirements, including the recommendation of the European Central Bank The Board of Directors will ensure that the execution of these buybacks will be carried out in accordance with prudential requirements defined by the regulation. Until 30 September 2021, as long as the European Central Bank recommendation dated 15 December 2020 (BCE/2020/62) will apply, Societe Generale will not buy back shares with the purpose of shares cancellation in order to remunerate shareholders. During this period and in accordance with prudential requirements as well as European Central Bank authorisation, Societe Generale may buy back shares for other purposes, including share buybacks in order to cover and honour free shares allocation plan for the benefit of employees or company officers. During the 4th quarter 2021, Societe Generale plans to perform share buybacks, including share buybacks for the purpose of shares cancellation in order to remunerate shareholders up to an amount equivalent to dividend amount (about EUR 470 million) if the European Central Bank has not renewed its recommendation and subject to its approval. Press contacts: Jean-Baptiste Froville_+33 1 58 98 68 00_ jean-baptiste.froville@socgen.comCorentin Henry_+33 1 58 98 01 75_corentin.henry@socgen.com Attachment Description of the share buyback programme 2021

  • Globe Newswire

    SOCIETE GENERALE : First amendment to the 2021 Universal registration document

    PRESS RELEASE REGULATED INFORMATION Paris, 7th May 2021 Availability of the first amendment to the 2021 Universal Registration Document Societe Generale informs the public that the first amendment to the 2021 Universal Registration Document filed on 17th March 2021 under number D-21-0138, has been filed with the French Financial Markets Authority (AMF) on 7th May 2021 under number D-21-0138-A01. This document is made available to the public, free of charge, in accordance with the conditions provided for by the regulations in force and may be consulted in the “Regulated information” section of the Company’s website (http://www.societegenerale.com/en/measuring-our-performance/information-and-publications/regulated_information) and on the AMF’s website. Contacts Presse Jean-Baptiste Froville _ 01 58 98 68 00 _ jean-baptiste.froville@socgen.com Corentin Henry _ 01 58 98 01 75 _ corentin.henry@socgen.com Attachment Availability first amendement to the URD 2021

  • Globe Newswire

    Societe Generale: First quarter 2021 earnings

    RESULTS AT MARCH 31ST 2021 Press releaseParis, May 6th 2021 SHARP REBOUND IN EARNINGS Revenues up +21% vs. Q1 20 at EUR 6.2bn (+25%*), with a good performance in all the businesses particularly in Global Markets, Financial Services and Financing & Advisory Continued discipline on costs, with underlying operating expenses down -2.2%1(1) vs. Q1 20 despite the increase in the contribution to the Single Resolution Fund and variable charges in conjunction with the increase in revenues, leading to a very strong positive jaws effect Doubling of underlying gross operating income vs. Q1 20 to EUR 2.1bn(1) Underlying Group net income of EUR 1.3bn(1), reported Group net income of EUR 814 million Profitability (ROTE) at 10.1%(1) CONFIRMATION OF THE QUALITY OF THE BALANCE SHEET AND THE GROUP’S FINANCIAL SOLIDITY Low cost of risk at 21 basis points in Q1 21, with provisions on performing loans stable at a high level 2021 cost of risk expected between 30 and 35 basis points CET 1 ratio level at 13.5%2(2) at end-March 2021, around 450 basis points above the regulatory requirement Efficient capital allocation between businesses 2021 PRIORITIES: SUPPORTING CUSTOMERS AND EXECUTION OF STRATEGIC INITIATIVES TOWARDS SUSTAINABLE GROWTH Objective of supporting our customers in emerging from the crisis and their energy and digital transition Merger of the networks in France Expansion of growth drivers (record client onboarding at Boursorama and acquisition of the activities of Banco Sabadell by ALD) Definition of a new roadmap for Global Banking & Investor Solutions aimed at delivering sustainable growth Finalisation of the Group’s refocusing programme following the announcement of exclusive discussions being entered into with Amundi with a view to the disposal of Lyxor’s asset management activities Frédéric Oudéa, the Group’s Chief Executive Officer, commented: “This excellent start to the year confirms, in particular, the relevance of the decisions taken in recent quarters and their successful execution. It is a major milestone for the Group and enables us to approach 2021 with confidence and determination, confirming our ability to achieve our financial targets. In line with 2020, and in a still uncertain environment on the health and economic front, our teams have maintained their exceptional commitment to supporting our customers and economies. From a commercial and financial viewpoint, the sharp rebound in our revenues, in keeping with the two previous quarters, our continued cost discipline and good risk management have enabled a very significant recovery in our earnings and profitability. We have also provided further confirmation of the quality of our balance sheet and loan portfolio. Consequently, over the next few quarters, priority will be given firstly to supporting our customers in gradually emerging from the crisis, relaunching their activity and adjusting their business models to digital and CSR challenges and secondly, to the effective implementation of our growth, innovation and operational efficiency initiatives which are strong value creators.” GROUP CONSOLIDATED RESULTS In EURmQ1 21Q1 20ChangeNet banking income6,2455,170+20.8%+25.2%*Operating expenses(4,748)(4,678)+1.5%+3.7%*Underlying operating expenses(1)(4,097)(4,188)-2.2%+0.2%*Gross operating income1,497492x 3.0x 3.7*Underlying gross operating income(1)2,148982x 2.2x 2.4*Net cost of risk(276)(820)-66.3%-65.1%*Underlying net cost of risk(1)(276)(820)-66.3%-65.1%*Operating income1,221(328)n/sn/sUnderlying operating income(1)1,872(162)x 11.6x 17.5*Net profits or losses from other assets680-92.5%-92.5%*Underlying net profits or losses from other assets(1)6157-96.2%-96.2%*Net income from companies accounted for by the equity method34-25.0%-25.0%*Underlying net income from companies accounted for by the equity method(1)34-25.0%-25.0%*Impairment losses on goodwill00n/sn/sIncome tax(283)46n/sn/sReported Group net income814(326)n/sn/sUnderlying Group net income(1)1,29898x 13.2x 22.5*ROE5.2%-3.6% ROTE5.9%-4.2% Underlying ROTE(1)10.1%-0.5% (1) Adjusted for exceptional items and linearisation of IFRIC 21 Societe Generale’s Board of Directors, which met on May 5th, 2021, under the chairmanship of Lorenzo Bini Smaghi, examined the Societe Generale Group’s results for Q1 2021. The various restatements enabling the transition from underlying data to published data are presented in the methodology notes (section 10.5). Net banking incomeThe Group’s net banking income was up +20.8% (+25.2%*) in Q1 21 vs. Q1 20, confirming the rebound observed in H2 2020. There was a further improvement in French Retail Banking’s performance in Q1 21 despite the extension of the health restrictions. Net banking income (excluding PEL/CEL provision) was therefore lower than in Q1 20 (-2.4%), which had still been little impacted by the crisis. International Retail Banking & Financial Services posted a slight increase in revenues (+0.1%*), driven by strong growth in the revenues of Financial Services whose net banking income rose +7.9%*. International Retail Banking delivered a resilient performance, with revenues down -3.8%* and a mixed momentum according to the region. Global Banking & Investor Solutions turned in an excellent performance, with revenues up +60.4%* vs. Q1 20. Operating expensesUnderlying operating expenses totalled EUR -4,097 million, down -2.2% and stable when adjusted for changes in Group structure and at constant exchange rates (+0.2%*) vs. Q1 20. The strict discipline observed in all the businesses offset the increase in the IFRIC 21 charge and variable costs in conjunction with the growth in revenues. The Group therefore generated a strong positive jaws effect, with an underlying cost to income ratio of 66%. Cost of riskThe commercial cost of risk stood at a low level of EUR 276 million, or 21 basis points, significantly lower than in Q1 20 (65 basis points). It corresponds to an increase in the provision on non-performing loans of EUR 300 million and a decline in the provision on performing loans of EUR -24 million. The Group’s provisions on performing loans currently amount to EUR 3,578 million. They were EUR 3,622 million at December 31st 2020, after an increase of +59% during last year. As part of the support provided to its customers during the crisis, the Group granted repayment moratoriums and State Guaranteed Loans. At March 31st 2021, the total amount of repayment moratoriums in force represented around EUR 2 billion and State Guaranteed Loans, around EUR 19 billion. Net exposure to State Guaranteed Loans in France (“PGE”) is around EUR 2 billion. The gross doubtful outstandings ratio amounted to 3.3% at March 31st 2021 (stable vs. December 31st 2020). It was 3% on repayment moratoriums and 3% on State Guaranteed Loans. The Group’s gross coverage ratio for doubtful outstandings stood at 51%3(2) at March 31st 2021, vs. 52% at December 31st 2020. The Group anticipates a cost of risk of between 30 and 35 basis points in 2021. Net profits or losses from other assets Net profits or losses from other assets totalled EUR +6 million in Q1 21 vs. EUR +80 million in Q1 20, including EUR -77 million corresponding to the effect of the application of IFRS 5 as part of the implementation of the Group’s refocusing plan and EUR +130 million in respect of the Group’s property disposal programme. Group net income In EURmQ1 21Q1 20Reported Group net income814(326)Underlying Group net income(1)1,29898 In %Q1 21Q1 20ROTE (reported)5.9%-4.2%Underlying ROTE110.1%-0.5% Earnings per share amounts to EUR 0.79 in Q1 21 (vs. EUR -0.57 in Q1 20).Underlying4(3) earnings per share amounts to EUR 0.83 in Q1 21 (vs. EUR -0.48 in Q1 20). THE GROUP’S FINANCIAL STRUCTURE Group shareholders’ equity totalled EUR 62.9 billion at March 31st, 2021 (EUR 61.7 billion at December 31st, 2020). Net asset value per share was EUR 62.8 and tangible net asset value per share was EUR 55.2. The consolidated balance sheet totalled EUR 1,503 billion at March 31st, 2021 (EUR 1,462 billion at December 31st, 2020). The net amount of customer loan outstandings at March 31st, 2021, including lease financing, was EUR 447 billion (EUR 440 billion at December 31st, 2020) – excluding assets and securities purchased under resale agreements. At the same time, customer deposits amounted to EUR 462 billion, vs. EUR 451 billion at December 31st, 2020 (excluding assets and securities sold under repurchase agreements). At April 16th, 2021, the parent company had issued EUR 18.3 billion of medium/long-term debt, having an average maturity of 5.8 years and an average spread of 39 basis points (vs. the 6-month midswap, excluding subordinated debt). The subsidiaries had issued EUR 1.0 billion. At April 16th, 2021, the Group had issued a total of EUR 19.3 billion of medium/long-term debt. Excluding structured issuances, the parent company had achieved 65% of its annual programme at April 16th, 2021. The LCR (Liquidity Coverage Ratio) was well above regulatory requirements at 143% at end-March 2021, vs. 149% at end-December 2020, and 141% on average in Q1 2021 vs. 144% on average in Q1 2020. At the same time, the NSFR (Net Stable Funding Ratio) was over 100% at end-March 2021. The Group’s phased-in risk-weighted assets (RWA) amounted to EUR 353.1 billion at March 31st, 2021 (vs. EUR 351.9 billion at end-December 2020) according to CRR/CRD4 rules. Risk-weighted assets in respect of credit risk represent 81.8% of the total, at EUR 288.6 billion, up 0.5% vs. December 31st, 2020. At March 31st, 2021, the Group’s Common Equity Tier 1 ratio stood at 13.5%, or average 450 basis points above the regulatory requirement. The CET1 ratio at March 31st, 2021 includes an effect of +25 basis points for phasing of the IFRS 9 impact. Excluding this effect, the fully-loaded ratio amounts to 13.2%. The Tier 1 ratio stood at 15.8% at end-March 2021 (16% at end-December 2020) and the total capital ratio amounted to 19.1% (19.2% at end-December 2020). The phased-in leverage ratio stood at 4.5% at March 31st, 2021 (4.8% at end-December 2020). With a level of 31.0% of RWA and 8.8% of leveraged exposure at end-March 2021, the Group’s TLAC ratio is above the FSB’s requirements for 2021. At March 31st, 2021, the Group was also above its MREL requirements of 8.5% of the TLOF5(1) (which, in December 2017, represented a level of 24.37% of RWA), which were used as a reference for the SRB calibration. The Group is rated by four rating agencies: (i) Fitch Ratings - long-term rating “A-”, stable rating, senior preferred debt rating “A”, short-term rating “F1”; (ii) Moody’s – long-term rating (senior preferred debt) “A1”, stable 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”, negative outlook, short-term rating “A-1”. FRENCH RETAIL BANKING In EURmQ1 21Q1 20ChangeNet banking income1,8471,880-1.8%Net banking income excl. PEL/CEL1,8591,905-2.4%Operating expenses(1,453)(1,450)+0.2%Gross operating income394430-8.4%Net cost of risk(123)(249)-50.6%Operating income271181+49.7%Reported Group net income203219-7.3%RONE7.2%7.8% Underlying RONE(1)10.4%10.7% (1) Adjusted for the linearisation of IFRIC 21 and PEL/CEL provision Despite the extension of the health restrictions, French Retail Banking’s commercial performance continued to gradually improve. The networks continued to support the economy, accompanying individual, corporate and professional customers in this still uncertain environment. Société Générale and Crédit du Nord networks: The bank disbursed a total amount of around EUR 18 billion in respect of State Guaranteed Loans (“PGE”) to support the Corporate and Professional customers segment. In May, it will also market a “Recovery Participatory Loan” (Prêts Participatifs Relance) offering. The average loan outstandings of the Societe Generale and Crédit du Nord networks rose 7% vs. Q1 20 to EUR 210 billion. Average outstanding loans to corporate and professional customers climbed 16% to EUR 97 billion, bolstered by the distribution of State Guaranteed Loans. The average outstanding balance sheet deposits6(1) of the Societe Generale and Crédit du Nord networks increased 14% vs. Q1 20 to EUR 229 billion, still driven by sight deposits. As a result, the average loan/deposit ratio stood at 92% in Q1 21 vs. 98% in Q1 20. Insurance assets under management totalled EUR 89 billion in Q1 21. Life insurance saw its net inflow grow by EUR 0.7 billion, with the unit-linked share accounting for 37% of new business in Q1 21. Private Banking’s assets under management totalled EUR 72 billion at end-March 2021. Net inflow remained buoyant at EUR 1.3 billion in Q1 21. In Personal Protection insurance, premiums were up +3% vs. Q1 20. The financial commissions of the Societe Generale and Crédit du Nord networks were 7% higher than in Q1 20. Boursorama: The bank consolidated its position as the leading online bank in France, with more than 2.8 million clients at end-March 2021. Client onboarding at Boursorama reached a record level, with 203,000 new clients in Q1 21. This quarter, the bank distinguished itself by being classified No. 1 in Europe in the digital performance ranking (D Rating ranking – March 2021). Boursorama also topped the list of French people’s favourite brand in the online Banks category (March 2021). Finally, the bank was classified No. 1 in the Customer Relationship Podium ranking in the banks category (March 2021). Housing loan production experienced strong growth (+27% vs. Q1 20). Deposit and financial savings climbed 30% vs. Q1 20. Furthermore, the number of stock market orders increased by 1.5x compared to Q1 20. Net banking income excluding PEL/CEL Net banking income restated for PEL/CEL effects was -2.4% lower than in Q1 20 at EUR 1,859 million. Net interest income (excluding PEL/CEL) was down -5.7% vs. Q1 20, impacted primarily by the negative effect resulting from higher deposit volumes in a negative interest rate environment. Despite the extension of lockdown measures, commissions rose +0.8% vs. Q1 20. Operating expenses Underlying operating expenses totalled EUR 1,336 million, down -1.6% vs. Q1 20 and -2.3% excluding Boursorama. The cost to income ratio (after linearisation of the IFRIC 21 charge and restated for the PEL/CEL provision) stood at 71.9% in Q1 21 vs. 71.3% in Q1 20. Cost of risk The commercial cost of risk was -51% lower than in Q1 20. It amounted to EUR 123 million, or 23 basis points, substantially lower than in Q1 20 (49 basis points). Net profits or losses from other assets Net profits or losses from other assets totalled EUR 3 million in Q1 21. They amounted to EUR 131 million in Q1 20, including a capital gain of EUR 130 million relating to the Group’s property disposal programme. Contribution to Group net income The contribution to Group net income was EUR 203 million, 7.3% lower than in Q1 20. Against a backdrop of low interest rates and the transformation of the networks, RONE (after linearisation of the IFRIC 21 charge and restated for the PEL/CEL provision) stood at 10.4% in Q1 21 (vs. 10.7% in Q1 20) and 11.3% excluding Boursorama. INTERNATIONAL RETAIL BANKING & FINANCIAL SERVICES In EURmQ1 21Q1 20ChangeNet banking income1,8621,964-5.2%+0.1%*Operating expenses(1,089)(1,146)-5.0%+0.0%*Gross operating income773818-5.5%+0.2%*Net cost of risk(142)(229)-38.0%-34.9%*Operating income631589+7.1%+14.1%*Net profits or losses from other assets212-83.3%-83.3%*Reported Group net income392365+7.4%*+15.8%*RONE15.7%13.8% Underlying RONE(1)17.4%15.4% (1) Adjusted for the linearisation of IFRIC 21 International Retail Banking’s outstanding loans totalled EUR 86.5 billion in Q1 21. They rose +0.8%* vs. Q1 20 when adjusted for changes in Group structure and at constant exchange rates. Outstanding deposits increased by +7.7%* vs. Q1 20, to EUR 84.6 billion. For the Europe scope, outstanding loans were up +2.0%* vs. end-March 2020, driven by a healthy momentum in all regions: Western Europe (+1.6%*), Romania (+1.7%*) and the Czech Republic (+2.5%*). Outstanding deposits were up +9.7%* vs. Q1 20. In Russia, commercial activity continued to be impacted by the lockdown measures. Outstanding loans fell by -4.6%*, the healthy momentum in the individual customers segment being offset by a decline in the corporate customers segment due to substantial repayments of loans granted in the context of the crisis. Outstanding deposits increased by +1.9%* vs. Q1 20. In Africa, Mediterranean Basin and French Overseas Territories, outstanding loans remained stable. Outstanding deposits grew by +6.3%* vs. end-March 2020. In the Insurance business, the life insurance savings business enjoyed a healthy momentum, with outstandings increasing +6.8%* vs. end-March 2020. The share of unit-linked products was very high in Q1, amounting to 40% of gross inflow and 34% of outstandings. Despite an increase in France (+1.3%*), Protection insurance fell slightly (-1.0%*). The increase in property/casualty premiums (+1.0%*) was offset by a decline in personal protection with premiums down -2.4%* vs. Q1 20. Financial Services to Corporates enjoyed a healthy commercial momentum in Q1 21. The number of contracts for Operational Vehicle Leasing and Fleet Management (ALD) was stable at 1.8 million vehicles at end-March 2021. Equipment Finance’s new leasing business was up +1.1%* vs. Q1 20, while outstanding loans were down -4.0%*, at EUR 14.2 billion (excluding factoring). Net banking income Net banking income amounted to EUR 1,862 million in Q1 21, slightly higher (+0.1%*) than in Q1 20. International Retail Banking’s net banking income totalled EUR 1,187 million, down -3.8%* vs. Q1 20. Despite a good commercial momentum, revenues in Europe declined by -6.1%*, impacted by the lockdown measures and an environment of lower interest rates than in Q1 20. In a still challenging environment in Q1, revenues were also lower (-3.4%*) for the SG Russia scope. The Africa, Mediterranean Basin and French Overseas Territories scope remained resilient, with revenues up +0.1%* vs. Q1 20 and still buoyant activity in Sub-Saharan Africa (revenues up +3.0%* vs. Q1 20). The Insurance business posted net banking income of EUR 236 million in Q1 21, an increase of +3.5%* vs. Q1 20, which included a contribution of around EUR 6 million to the solidarity fund in France. Financial Services to Corporates’ net banking income was higher (+10.4%*) and amounted to EUR 439 million, driven in particular by ALD which posted an increase in leasing margins (+2%*) and the used car sale result (EUR 439 per unit). Operating expenses Operating expenses remained stable when adjusted for changes in Group structure and at constant exchange rates vs. Q1 20 (and were slightly lower -0.2%* on an underlying basis). The cost to income ratio stood at 58.5% in Q1 21. In International Retail Banking, operating expenses were down -1.0%* vs. Q1 20, with a notable effort on the SG Russia scope (-2.0%* vs. Q1 20). Q1 20 included a EUR 11 million contribution to Covid funds in North Africa. In the Insurance business, operating expenses were in line with the commercial expansion ambitions and rose +2.4%* vs. Q1 20 to EUR 110 million. In Financial Services to Corporates, operating expenses were 2.6%* higher than in Q1 20, generating a positive jaws effect. Cost of risk The cost of risk amounted to 44 basis points in Q1 21 vs. 67 basis points in Q1 20. Contribution to Group net income The contribution to Group net income totalled EUR 392 million, up +15.8%* (+7.4% at current exchange rates) vs. Q1 20. Underlying RONE stood at 17.4% in Q1 21, vs. 15.4% in Q1 20 (with RONE of 14.6% in International Retail Banking and 21.1% in Financial Services and Insurance). GLOBAL BANKING & INVESTOR SOLUTIONS In EURmQ1 21Q1 20ChangeNet banking income2,5091,627+54.2%+60.4%*Operating expenses(2,051)(1,977)+3.7%+5.9%*Gross operating income458(350)n/sn/sNet cost of risk(9)(342)-97.4%-97.2%*Operating income449(692)n/sn/sReported Group net income356(537)n/sn/sRONE10.0%-15.8% Underlying RONE(1)18.1%-9.0% (1) Adjusted for the linearisation of IFRIC 21Global Banking & Investor Solutions posted robust revenues of EUR 2,509 million in Q1 21, a substantial increase (+54.2%) vs. Q1 20 (+60.4%* when adjusted for changes in Group structure and at constant exchange rates). The businesses benefited from a normalising environment and strong market momentum during Q1 21. In Global Markets & Investor Services, net banking income totalled EUR 1,651 million, x2.3* vs. Q1 20. Global Markets enjoyed a record quarter, with the highest level of activity since Q1 17. The Equity businesses enjoyed their best quarter since 2015, with a remarkable performance in each of the regions, all activities having benefited from the good market conditions. There was a significant rebound in revenues (+44% vs. Q4 20) and an increase of +36% vs. the average level of 2019. Structured products enjoyed a good quarter, while completing the review of the product offering initiated in Q2 20. Listed products benefited from strong volumes, particularly in Asia and Germany, where our franchise received the award of “Certificate House of the Year” (source Golden Bull). Fixed Income & Currency activities posted a strong performance, with revenues of EUR 625 million, up +51% vs. Q4 20 and +25% vs. the average level of 2019 (level not restated for the revenues of the commodities activity). The reflation theme contributed to strong commercial activity. All the activities performed well in all regions. Securities Services’ revenues were also substantially higher (+16.7%) than in Q1 20, at EUR 175 million. Securities Services’ assets under custody amounted to EUR 4,341 billion at end-March 2021, an increase of +0.6% vs. end-December 2020. Over the same period, assets under administration were stable at EUR 639 billion. Financing & Advisory revenues totalled EUR 633 million in Q1 21, up +2.9%* vs. a good Q1 20 (+0.6% at current structure and exchange rates). Financing activities turned in a good performance, particularly in aircraft financing and maritime financing. The Asset-Backed Products platform also enjoyed a good Q1.Investment Banking benefited from a strong momentum, particularly in equity capital markets and acquisition financing. The franchise posted solid revenues, with an increase in Q1. Global Transaction and Payment Services continued to deliver strong growth, up +5.0%* vs. Q1 20. Asset and Wealth Management’s net banking income totalled EUR 225 million in Q1 21, down -1.7%* vs. Q1 20 (-2.2% at current structure and exchange rates). Private Banking posted a slightly lower performance (-1.1%*) than in Q1 20 (at EUR 173 million), impacted by pressure on the interest margin and despite strong commercial activity. Net inflow, which totalled EUR +2.5 billion, was positive in all regions. Assets under management were up +4.1% vs. end-December 2020, at EUR 121 billion. Lyxor’s net banking income amounted to EUR 47 million, EUR 3 million lower than in Q1 20. Lyxor’s assets under management were substantially higher (+9.9%) than at end-December 2020, at EUR 154 billion. Net inflow was EUR +6.2 billion in Q1 21. Operating expenses Underlying operating expenses were down -0.8% vs. Q1 20, reflecting continued strict discipline against the backdrop of an increase in the IFRIC 21 charge and variable costs in conjunction with the growth in revenues. As a result, there was a substantial improvement in operating leverage, with an underlying cost to income ratio of 67%. Net cost of risk The commercial cost of risk amounted to 2 basis points (or EUR 9 million), well below the level of 87 basis points in Q1 20, which was adversely affected by the start of the health crisis and some specific files. Contribution to Group net income The underlying contribution to Group net income (after linearisation of IFRIC 21) came to EUR 646 million in Q1 21.Global Banking & Investor Solutions posted a significant underlying RONE of 18.1%. CORPORATE CENTRE In EURmQ1 21Q1 20Net banking income27(301)Operating expenses(155)(105)Underlying operating expenses(1)(71)(67)Gross operating income(128)(406)Underlying gross operating income(1)(44)(368)Net cost of risk(2)-Net profits or losses from other assets1(77)Impairment losses on goodwill--Net income from companies accounted for by the equity method11Reported Group net income(137)(373) (1) Adjusted for the linearisation of IFRIC 21 and transformation costs in Q1 21 (EUR 50m)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 restructuring charges for the whole Group, cross-functional projects and certain costs incurred by the Group and not re-invoiced to the businesses. The Corporate Centre’s net banking income totalled EUR 27 million in Q1 21 vs. EUR -301 million inQ1 20. It includes notably the change in fair value of financial instruments corresponding to economic hedges of financial debt but that do not meet IFRS hedge accounting criteria. Operating expenses totalled EUR -155 million in Q1 21 vs. EUR -105 million in Q1 20. They include the Group’s transformation costs for a total amount of EUR -50 million relating to the activities of French Retail Banking (EUR -22 million), Global Banking & Investor Solutions (EUR -17 million) and the Corporate Centre (EUR -11 million). Underlying costs came to EUR 71 million, compared to EUR 67 million in Q1 20. Gross operating income totalled EUR -128 million in Q1 21 vs. EUR -406 million in Q1 20. Underlying gross operating income was EUR -44 million. Net profits or losses from other assets amounted to EUR -77 million in Q1 20 and included primarily, in respect of the application of IFRS 5 as part of the implementation of the Group’s refocusing plan, a charge of EUR -69 million corresponding to the finalisation of the disposal of Societe Generale de Banque aux Antilles. The Corporate Centre’s contribution to Group net income was EUR -137 million in Q1 21 vs. EUR -373 million in Q1 20. CONCLUSION The beginning of this year has seen the Group achieve a new milestone and confirm the rebound in activities expected this year in relation to 2020, which was significantly impacted by the crisis. The Group will present the strategy for Global Banking & Investor Solutions on May 10th, 2021, and then on Corporate Social Responsibility in the second semester 2021. 2021 FINANCIAL CALENDAR 2021 Financial communication calendar May 18th, 2021 General MeetingMay 25th, 2021 Dividend detachmentMay 27th, 2021 Dividend paymentAugust 3rd, 2021 Second quarter and first half 2021 results November 4th, 2021 Third quarter and nine-month 2021 results The Alternative Performance Measures, notably the notions of net banking income for the pillars, operating expenses, IFRIC 21 adjustment, (commercial) cost of risk in basis points, ROE, ROTE, RONE, net assets, tangible net assets, and the amounts serving as a basis for the different restatements carried out (in particular the transition from published data to underlying data) 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 the application of accounting principles and methods in accordance with IFRS (International Financial Reporting Standards) 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, these forward-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 to differ 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 prudential changes, 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 found in the Registration Document filed with the French Autorité des Marchés Financiers.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 by applicable 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. 9. APPENDIX 1: FINANCIAL DATA GROUP NET INCOME BY CORE BUSINESS In EURmQ1-21Q1-20ChangeFrench Retail Banking203219-7.3%International Retail Banking and Financial Services392365+7.4%Global Banking and Investor Solutions356(537)n/sCore Businesses95147x20.2Corporate Centre(137)(373)n/sGroup814(326)n/s CONSOLIDATED BALANCE SHEET 31.03.202131.12.2020Cash, due from central banks177,582168,179Financial assets at fair value through profit or loss445,009429,458Hedging derivatives16,22020,667Financial assets measured at fair value through other comprehensive income50,25052,060Securities at amortised cost16,52515,635Due from banks at amortised cost63,24353,380Customer loans at amortised cost456,474448,761Revaluation differences on portfolios hedged against interest rate risk284378Investment of insurance activities169,878166,854Tax assets4,9005,001Other assets67,65167,341Non-current assets held for sale6756Investments accounted for using the equity method103100Tangible and intangible assets30,36730,088Goodwill3,8214,044Total1,502,9821,461,952 31.03.202131.12.2020Central banks3,0951,489Financial liabilities at fair value through profit or loss404,263390,247Hedging derivatives10,76212,461Debt securities issued137,230138,957Due to banks145,530135,571Customer deposits467,711456,059Revaluation differences on portfolios hedged against interest rate risk5,6557,696Tax liabilities1,2391,223Other liabilities89,72784,937Non-current liabilities held for sale167-Liabilities related to insurance activities contracts148,334146,126Provisions4,7434,775Subordinated debts16,21515,432Total liabilities1,434,6711,394,973SHAREHOLDERS' EQUITY Shareholders' equity, Group share Issued common stocks and capital reserves22,37122,333Other equity instruments9,2959,295Retained earnings31,64632,076Net income814(258)Sub-total64,12663,446Unrealised or deferred capital gains and losses(1,206)(1,762) Sub-total equity, Group share62,92061,684Non-controlling interests5,3915,295Total equity68,31166,979 Total1,502,9821,461,952 APPENDIX 2: METHODOLOGY 1 - The financial information presented for the quarter ending 31 March 2021 was reviewed by the Board of Directors on 5 May 2021 and has been prepared in accordance with IFRS as adopted in the European Union and applicable at this date, and has not been audited. 2 – Net banking incomeThe pillars’ net banking income is defined on page 41 of Societe Generale’s 2021 Registration Document. The terms “Revenues” or “Net Banking Income” are used interchangeably. They provide a normalised measure of each pillar’s net banking income taking into account the normative capital mobilised for its activity. 3 – Operating expensesOperating expenses correspond to the “Operating Expenses” as presented in note 8.1 to the Group’s consolidated financial statements as at December 31st, 2020 (pages 466 et seq. of Societe Generale’s 2021 Registration Document). The term “costs” is also used to refer to Operating Expenses.The Cost/Income Ratio is defined on page 41 of Societe Generale’s 2021 Registration Document. 4 – IFRIC 21 adjustmentThe IFRIC 21 adjustment corrects the result of the charges recognised in the accounts in their entirety when they are due (generating event) so as to recognise only the portion relating to the current quarter, i.e. a quarter of the total. It consists in smoothing the charge recognised accordingly over the financial year in order to provide a more economic idea of the costs actually attributable to the activity over the period analysed. 5 – Exceptional items – Transition from accounting data to underlying data It may be necessary for the Group to present underlying indicators in order to facilitate the understanding of its actual performance. The transition from published data to underlying data is obtained by restating published data for exceptional items and the IFRIC 21 adjustment. Moreover, the Group restates the revenues and earnings of the French Retail Banking pillar for PEL/CEL provision allocations or write-backs. This adjustment makes it easier to identify the revenues and earnings relating to the pillar’s activity, by excluding the volatile component related to commitments specific to regulated savings. The reconciliation enabling the transition from published accounting data to underlying data is set out in the table below: Q1 21 (in EURm)Operating ExpensesNet profit or losses fromother assetsIncometaxGroup net incomeBusinessReported(4,748)6(283)814 IFRIC 21 linearisation601 (141)448 Transformation charges*50 (14)36Corporate Center(1)Underlying(4,097)6(438)1,298 Q1 20 (in EURm)Operating ExpensesNet profit or losses fromother assetsIncometaxGroup net incomeBusinessReported(4,678)8046(326) IFRIC 21 linearisation490 (131)347 Group refocusing plan* 77077Corporate centerUnderlying(4,188)157(85)(56) * Exceptional item(1) Transformation and/or restructuring charges related to RBDF (EUR 22m), GBIS (EUR 17m) and Corporate Center (EUR 11m) 6 – Cost of risk in basis points, coverage ratio for doubtful outstandings The cost of risk or commercial cost of risk is defined on pages 43 and 635 of Societe Generale’s 2021 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. (In EUR m)Q1 21Q1 20French Retail BankingNet Cost Of Risk123249Gross loan Outstandings217,606201,139Cost of Risk in bp2349International Retail Banking and Financial ServicesNet Cost Of Risk142229Gross loan Outstandings130,196136,407Cost of Risk in bp4467Global Banking and Investor SolutionsNet Cost Of Risk9342Gross loan Outstandings154,651158,064Cost of Risk in bp287Corporate CentreNet Cost Of Risk20Gross loan Outstandings12,9639,710Cost of Risk in bp42Societe Generale GroupNet Cost Of Risk276820Gross loan Outstandings515,416505,319Cost of Risk in bp2165 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 the regulations, without taking account of any guarantees provided. This coverage ratio measures the maximum residual risk associated with outstandings in default (“doubtful”). 7 – 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 page 43 and 44 of Societe Generale’s 2021 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 the Group’s businesses, according to the principles presented on page 44 of Societe Generale’s 2021 Registration Document.Group net income used for the ratio numerator is book Group net income adjusted for “interest net of tax payable on deeply subordinated notes and undated subordinated notes, interest paid to holders of deeply subordinated notes and undated subordinated notes, issue premium amortisations” and “unrealised gains/losses booked under shareholders’ equity, excluding conversion reserves” (see methodology note No. 10). For ROTE, income is also restated for goodwill impairment. Details of the corrections made to book equity in order to calculate ROE and ROTE for the period are given in the table below: ROTE calculation: calculation methodology End of periodQ1 21Q1 20Shareholders' equity Group share62,92062,581Deeply subordinated notes(9,179)(8,258)Undated subordinated notes(273)(288)Interest net of tax payable to holders of deeply subordinated notes & undated subordinated notes, interest paid to holders of deeply subordinated notes & undated subordinated notes, issue premium amortisations(51)1OCI excluding conversion reserves(723)(648)Dividend provision(7)(353) ROE equity end-of-period52,34053,387Average ROE equity51,77153,279Average Goodwill(3,928)(4,561)Average Intangible Assets(2,506)(2,369)Average ROTE equity45,33746,349Group net Income (a)814(326)Underlying Group net income (b)1,29898Interest on deeply subordinated notes and undated subordinated notes (c)(144)(159)Cancellation of goodwill impairment (d) Ajusted Group net Income (e) = (a)+ (c)+(d)670(485)Ajusted Underlying Group net Income (f)=(b)+(c)1,154(61) Average ROTE equity (g)45,33746,349ROTE [quarter: (4*e/g)]5.9%-4.2% Underlying ROTE45,82146,773Underlying ROTE [quarter: (4*f/h)]10.1%-0.5% RONE calculation: Average capital allocated to Core Businesses (in EURm) In EURmQ1 21Q1 20ChangeFrench Retail Banking11,34211,1821.4%International Retail Banking and Financial Services9,96310,563-5.7%Global Banking and Investor Solutions14,27113,6154.8%Core Businesses35,57635,3600.6%Corporate Center16,19517,919-9.6%Group51,77153,279-2.8% 8 – Net assets and tangible net assets Net assets and tangible net assets are defined in the methodology, page 46 of the Group’s 2021 Registration Document. The items used to calculate them are presented below. End of periodQ1 2120202019Shareholders' equity Group share62,92061,68463,527Deeply subordinated notes(9,179)(8,830)(9,501)Undated subordinated notes(273)(264)(283)Interest, net of tax, payable to holders of deeply subordinated notes & undated subordinated notes, interest paid to holders of deeply subordinated notes & undated subordinated notes, issue premium amortisations(51)194Bookvalue of own shares in trading portfolio(25)301375Net Asset Value53,39152,91054,122Goodwill(3,927)(3,928)(4,510)Intangible Assets(2,527)(2,484)(2,362)Net Tangible Asset Value46,93746,49847,250 Number of shares used to calculate NAPS**850,427848,859849,665Net Asset Value per Share62.862.363.7Net Tangible Asset Value per Share55.254.855.6 ** The number of shares considered is the number of ordinary shares outstanding as at March 31st, 2021, excluding treasury shares and buybacks, but including the trading shares held by the Group.In accordance with IAS 33, historical data per share prior to the date of detachment of a preferential subscription right are restated by the adjustment coefficient for the transaction. 9 – 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 45 of Societe Generale’s 2021 Registration Document). The corrections made to Group net income in order to calculate EPS correspond to the restatements carried out for the calculation of ROE and ROTE. As specified on page 45 of Societe Generale’s 2021 Registration Document, the Group also publishes EPS adjusted for the impact of non-economic and exceptional items presented in methodology note No. 5 (underlying EPS). The calculation of Earnings Per Share is described in the following table: Average number of shares (thousands)Q1 2120202019Existing shares853,371853,371834,062Deductions Shares allocated to cover stock option plans and free shares awarded to staff3,7282,9874,011Other own shares and treasury shares 149Number of shares used to calculate EPS**849,643850,385829,902Group net Income814(258)3,248Interest on deeply subordinated notes and undated subordinated notes(144)(611)(715)Capital gain net of tax on partial buybacks Adjusted Group net income670(869)2,533EPS (in EUR)0.79(1.02)3.05Underlying EPS* (in EUR)0.830.974.03 * Based on underlying Group net income excluding linearisation of the IFRIC 21 effect. EUR 1.36 including IFRIC 21 linearization.** The number of shares considered is the number of ordinary shares outstanding as at March 31st, 2021, excluding treasury shares and buybacks, but including the trading shares held by the Group. 10 – The Societe Generale Group’s Common Equity Tier 1 capital is calculated in accordance with applicable CRR/CRD4 rules. The phased-in ratios include the earnings for the current financial year and the related provision for dividends. The difference between phased-in ratio and fully-loaded ratio is related to the IFRS 9 impacts. The leverage ratio is calculated according to applicable CRR/CRD4 rules including the provisions of the delegated act of October 2014 and the phased-in follows the same rationale as solvency ratios. 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. Societe Generale Societe Generale is one of the leading European financial services groups. Based on a diversified and integrated banking model, the Group combines financial strength and proven expertise in innovation with a strategy of sustainable growth, aiming to be the trusted partner for its clients, committed to the positive transformations of society and the economy. Active in the real economy for over 150 years, with a solid position in Europe and connected to the rest of the world, Societe Generale has over 133,000 members of staff in 61 countries and supports on a daily basis 30 million individual clients, businesses and institutional investors around the world by offering a wide range of advisory services and tailored financial solutions. The Group is built on three complementary core businesses: French Retail Banking, which encompasses the Societe Generale, Crédit du Nord and Boursorama brands. Each offers a full range of financial services with omnichannel products at the cutting edge of digital innovation;International Retail Banking, Insurance and Financial Services to Corporates, with networks in Africa, Russia, Central and Eastern Europe and specialised businesses that are leaders in their markets;Global Banking and Investor Solutions, which offers recognised expertise, key international locations and integrated solutions. Societe Generale is included in the principal socially responsible investment indices: DJSI (World and Europe), FTSE4Good (Global and Europe), Euronext Vigeo (World, Europe and Eurozone), four of the STOXX ESG Leaders indices, and the MSCI Low Carbon Leaders Index. For more information, you can follow us on twitter @societegenerale or visit our website www.societegenerale.com (1) underlying data. See methodology note No. 5 for the transition from accounting data to underlying data(2) including 25 basis points in respect of IFRS 9 phasingThe footnote * in this document corresponds to data adjusted for changes in Group Structure and at constant exchange rates(1) Adjusted for exceptional items and the linearisation of IFRIC 21(2) Ratio between the amount of provisions on doubtful outstandings and the amount of these same outstandings(3) calculated on the basis of underlying Group net income excluding linearisation of IFRIC 21. Taking into account IFRIC linearisation, it is EUR 1.36 in Q1 21 and EUR -0.07 in Q1 20 (1) TLOF: Total Liabilities and Own Funds (1) Including BMTN (negotiable medium-term notes)(7)The dividend to be paid is calculated based on a pay-out ratio of 50% of the underlying Group net income, excluding IFRIC 21, after deduction of deeply subordinated notes and on undated subordinated notes Attachment Societe Generale_ Q1-2021 earnings