GLE.PA - Société Générale Société anonyme

Paris - Paris Delayed price. Currency in EUR
15.59
-0.28 (-1.75%)
At close: 4:09PM CEST
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Previous close15.87
Open15.76
Bid0.00 x 0
Ask0.00 x 0
Day's range15.49 - 15.80
52-week range11.35 - 32.23
Volume3,115,719
Avg. volume7,823,433
Market cap13.092B
Beta (5Y monthly)1.48
PE ratio (TTM)8.92
EPS (TTM)1.75
Earnings date03 Aug 2020
Forward dividend & yieldN/A (N/A)
Ex-dividend date26 May 2020
1y target est43.49
  • Globe Newswire

    Half-year statement and information about the number of executed transactions and the exchanged volume regarding the liquidity agreement of Societe Generale

    Paris La Défense, 02 July 2020                                                                                                                                                                                                                                            Half-year statement and information about the number of executed transactions and the exchanged volume regarding the liquidity agreement of Societe GeneraleUnder the liquidity agreement signed between Société Générale and Rothschild Martin Maurel, the following assets were held by the liquidity account as of 30 June 2020: ·33,500 shares ·3,950,544.00 €As a reminder, on the last half-year liquidity contract statement as of 31 December 2019, the following assets were allocated to the liquidity account: ·0 share ·4,976,456.00 €The following information presents the number of transactions executed on purchases and sales, as well as the volume exchanged on purchases and sales in shares number and in capital from 1st January to 30st June 2020 within the framework of the liquidity agreement signed between Société Générale and Rothschild Martin Maurel.DATENUMBER OF PURCHASE TRANSACTIONSNUMBER OF SALE TRANSACTIONSQUANTITY OF PURCHASEQUANTITY OF SALETOTAL PURCHASED AMOUNTTOTAL SOLD AMOUNT 02/01/2020663 0003 00094 520,0094 640,00 03/01/2020513112 50012 500390 480,50391 467,51 06/01/2020603513 50013 500415 077,50416 292,50 07/01/20201250050015 575,0015 600,00 08/01/202021195 0015 001156 912,26157 439,90 09/01/2020773219 00013 000604 750,03414 577,50 10/01/2020702019 50012 500615 835,01395 569,95 13/01/20202746 5002 000203 537,5063 070,00 14/01/2020246610 00020 500312 507,52644 938,03 15/01/202049011 0000341 530,000 16/01/20202707 5000230 037,510 17/01/202034317 00010 500214 397,57324 725,00 20/01/2020311 0001 00030 405,0030 650,00 21/01/202013133 5005 000106 334,33152 792,50 22/01/20201504 0000120 897,500 23/01/2020753 0001 50090 395,0045 810,00 24/01/202034819 50017 500288 042,50535 807,42 27/01/20201702 000059 472,500 28/01/2020641 0001 50029 590,0145 020,00 29/01/20206112 5002 50074 655,0075 165,00 30/01/2020402 000058 815,000 31/01/20201202 500073 182,500 01/2020564361146 001122 0014 526 949,743 803 565,31 03/02/2020501 000029 285,020 04/02/202001604 7500141 080,00 05/02/2020069020 2500611 300,01 06/02/202015216 0006 000183 340,00184 000,52 07/02/2020612811 00011 000333 073,65334 622,50 10/02/20203589 5003 000288 760,0191 650,00 11/02/202011313 0009 50090 867,51288 985,00 12/02/20204134 0004 000125 830,00125 900,00 DATENUMBER OF PURCHASE TRANSACTIONSNUMBER OF SALE TRANSACTIONSQUANTITY OF PURCHASEQUANTITY OF SALETOTAL PURCHASED AMOUNTTOTAL SOLD AMOUNT 13/02/2020842 5002 50078 375,0078 550,00 14/02/202021166 0003 500191 022,50111 630,00 17/02/20200902 500079 915,00 18/02/202027138 0004 000255 262,51127 960,00 19/02/202018106 0006 000190 822,51191 842,50 20/02/202040119 0002 000283 861,5463 640,00 21/02/2020341710 5006 500324 392,50202 167,96 24/02/202030012 5000376 350,010 25/02/20202206 0000175 592,500 02/202033126695 00085 5002 926 835,262 633 243,49 Total S1/2020895627241 001207 5017 453 785,006 436 808,80 Due to the market environment linked to the health crisis, all operations within the liquidity agreement were suspended as of 26 February 2020.Attachment * Societe Generale_ Liquidity agreement

  • Société Générale is acquiring freelancer challenger bank Shine
    TechCrunch

    Société Générale is acquiring freelancer challenger bank Shine

    The startup had previously raised €10.8 million ($12.2 million) in total from Daphni, Kima Ventures, XAnge and various business angels. If you’re not familiar with Shine, the startup has been building a challenger bank for freelancers and small companies in France. When it comes to receipts, you can also open a card transaction and attach a receipt to that transaction.

  • Reuters

    SocGen unit to pay $3.1 million to settle U.S. charges of deficient data

    The U.S. broker-dealer unit of France's Societe Generale has agreed to pay $3.1 million to settle charges of providing deficient data to U.S. regulators, statements from American authorities said on Wednesday. SG Americas made numerous deficient submissions in key trading information known as "blue sheet data" for more than five years, the U.S. Securities and Exchange Commission (SEC) said. The failures were largely due to undetected coding errors, resulting in missing or incorrect data for approximately 27.6 million transactions, the SEC said.

  • Australian watchdog imposes licensing conditions on SocGen securities
    Reuters

    Australian watchdog imposes licensing conditions on SocGen securities

    Societe Generale's Australian securities business faces restrictions on new customers if it does not comply with new licensing conditions related to client money laws, Australia's corporate regulator said on Monday. The Australian Securities and Investments Commission (ASIC) imposed the new conditions on the financial services licence of the Societe Generale business after charging it with criminal offences in March over alleged failure to separate clients' money in authorised bank accounts. If Societe Generale Securities Australia does not comply with the new conditions, the unit would need to refrain from charging brokerage fees for futures transactions involving client money and would have to stop taking on new customers if it involved receipt of client money, the watchdog said on Monday.

  • Globe Newswire

    Societe Generale: shares and voting rights as of 31 May 2020

    Name of issuer:                          Société Générale S.A. – French public limited company (“SA”) with a share capital of 1,066,714,367.50 euros                                                                Registered under nr.552 120 222 R.C.S. PARIS                                                                Registered office: 29, Boulevard Haussmann, 75009 ParisInformation about the total number of voting rights and shares pursuant to Article L.233-8 II of the French Commercial Code and Article 223-16 of the AMF General Regulations DateNumber of shares composing current share capitalTotal number of voting rights 31st May 2020853,371,494  Gross:  923,243,791   Attachment * Societe Generale shares & voting rights as of 31-05-2020

  • U.S. judge orders 15 banks to face big investors' currency rigging lawsuit
    Reuters

    U.S. judge orders 15 banks to face big investors' currency rigging lawsuit

    A U.S. judge on Thursday said institutional investors, including BlackRock Inc <BLK.N> and Allianz SE's <ALVG.DE> Pacific Investment Management Co, can pursue much of their lawsuit accusing 15 major banks of rigging prices in the $6.6 trillion-a-day foreign exchange market. U.S. District Judge Lorna Schofield in Manhattan said the nearly 1,300 plaintiffs, including many mutual funds and exchange-traded funds, plausibly alleged that the banks conspired to rig currency benchmarks from 2003 to 2013 and profit at their expense. "This is an injury of the type the antitrust laws were intended to prevent," Schofield wrote in a 40-page decision.

  • Globe Newswire

    Societe Generale: Annual General Meeting and Board of Directors dated 19 May 2020

    ANNUAL GENERAL MEETING AND BOARD OF DIRECTORS DATED 19 MAY 2020 Regulated informationParis, 19 May 2020Annual General MeetingThe combined General Meeting of shareholders of Societe Generale was held on 19 May 2020 at Tours Société Générale - 17 Cours Valmy - La Défense 7, without shareholders or other authorized participants being physically present and was chaired by Mr Lorenzo Bini Smaghi.Quorum was established at 62.757% (vs. 54.51% in 2019): * 18,643 shareholders voted online; * 10,254 shareholders voted by post; * 9,337 shareholders, including 8,609 online, representing 0.54 % of the share capital, gave proxy to the Chairman; * 20,055 shareholders were present or represented.All the resolutions put forward by the Board of Directors were adopted, in particular: * The 2019 annual and consolidated accounts; * The renewal of one director for 4 years: Mr Juan Maria Nin Génova; * The appointment of a director for 4 year: Mrs Annette Messemer; * The compensation policy for the Chairman, Chief Executive Officers and the directors; * The components composing the total compensation and the benefits of any kind paid or awarded for the 2019 financial year to the Chairman and the Chief Executive Officers; * The share capital increase authorisations, in particular the one allowing the issuance of shares in favour of employees as part of a company or group employee savings plan, as well as the authorisation to allocate performance shares existing or to be issued, were renewed for 26 months; * The new rules regarding the crossing of statutory thresholds; * The modification of the by-laws in connection with the appointment of a director representing the employees shareholders at the board of directors as the General Assembly 2021; and * The modification of the by-laws in connection with taking into consideration by the Board of directors of the social and environmental stakes of the activity of the Company.              The detailed result of the votes is available this day on the Company's website under the section “Annual General Meeting”.Board of DirectorsFollowing the General Meeting, the Board of Directors comprising 14 members is composed as follows: * Mr Lorenzo Bini Smaghi, Chairman; * Mr Frédéric Oudéa, Chief Executive Officer and Director; * Mr William Connelly, Director; * Mr Jérôme Contamine, Director; * Mrs Diane Côté, Director; * Mrs Kyra Hazou, Director; * Mrs France Houssaye, Director elected by employees; * Mr David Leroux, Director elected by employees; * Mr Jean-Bernard Lévy, Director; * Mr Gérard Mestrallet, Director; * Mr Juan Maria Nin Genova, Director; * Mrs Annette Messemer, Director; * Mrs Lubomira Rochet, Director and * Mrs Alexandra Schaapveld, Director.42.9% of Board of Directors’ members are women including 5 women appointed by the General Meeting (41.6%). The rate of independent Directors is higher than 90% (11/12) according to the calculation method of the AFEP-MEDEF corporate governance Code.The Board of Directors also decided that the committees will be composed as follows from 20 May 2020: * Audit and Internal Control Committee: Mrs Alexandra Schaapveld (chairwoman), Mr Jérôme Contamine, Mrs Diane Côté, Mrs Kyra Hazou and Mrs Annette Messemer; * Risk Committee: Mr William Connelly (chairman), Mrs Kyra Hazou, Mrs Annette Messemer, Mr Juan Maria Nin Génova and Mrs Alexandra Schaapveld; * Compensation Committee: Mr Jean Bernard Lévy (chairman), Mr Jérôme Contamine, Mrs France Houssaye, Mr Gérard Mestrallet and Mr Juan Maria Nin Génova; * Nomination and Corporate Governance Committee: Mr Gérard Mestrallet (chairman), Mr William Connelly, Mr Jean Bernard Lévy and Mrs Lubomira Rochet.BiosMrs Annette Messemer, a German national, with a Ph.D in Political Sciences from the University of Bonn (Germany), a Master in International Economics from the Fletcher School at Tufts University (USA) and a degree from SciencesPo Paris. Started her career in investment banking at J.P. Morgan in New York in 1994 then in Frankfurt and London. During the 12 years of her career at J.P. Morgan, she gained extensive experience in finance, leading strategic M&A and financing transactions as well as risk management transactions. She left J.P. Morgan as Senior Banker in 2006 to join Merrill Lynch as Managing Director and member of the German Executive Committee. In 2010, she accepted the nomination to the Supervisory Board of WestLB by the German Ministry of Finance, to support one of the most significant German bank restructurings during the financial crisis before joining Commerzbank in 2013, where she held the position of Group Executive/Divisional Board Member, Corporate Clients until June 2018.Juan Maria Nin Génova, a Spanish national and graduate of the University of Deusto (Spain) and the London School of Economics and Political Sciences (United Kingdom), he is a lawyer and economist who began his career as a Programme Manager in the Spanish Ministry for Relations with the European Community. General Manager of Santander Central Hispano from 1980 to 2002, before becoming an advisor of Banco Sabadell until 2007. In June 2007, Chief Executive Officer of La Caixa. In July 2011, Vice-Chairman and Deputy Advisor of CaixaBank until 2014.Press contact:Corentin Henry _ 01 58 98 01 75_ corentin.henry@socgen.comSociete GeneraleSociete 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. Committed to the positive transformations of the world’s societies and economies, Societe Generale and its teams seek to build, day after day, together with its clients, a better and sustainable future through responsible and innovative financial solutions.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 138,000 members of staff in 62 countries and supports on a daily basis 29 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.comAttachment * Annual General meeting and Board of directors dated 19 May 2020

  • SocGen CEO focused on adapting to crisis to boost shares
    Reuters

    SocGen CEO focused on adapting to crisis to boost shares

    Societe Generale <SOGN.PA> will adapt its business to the conditions created by the coronavirus crisis and to ensure it changes the market view on the French bank's financial path, its Chief Executive Frederic Oudea said. "The share price absolutely does not reflect the intrinsic value of our assets and we will be working hard in the coming quarters to show the market that it is too pessimistic," the bank said in a written response to a shareholder's question. "Our priority is to provide, quarter after quarter, the right responses to adapt our businesses to the new context created by the crisis," Oudea said during SocGen's annual meeting, which it held online because of the pandemic.

  • Reuters - UK Focus

    Lobby calls on EU for extra capital easing to help banks lend more

    A banking lobby group called on Tuesday for the European Union to further soften a capital measure to ensure banks do not run out of headroom to help companies hit by the coronavirus crisis. The Association for Financial Markets in Europe (AFME) said the European Central Bank (ECB) has estimated that such measures will free up 120 billion euros ($131 billion) to support 1.8 trillion euros of additional lending. "The question is are these changes going to be sufficient to furnish banks with enough capacity to provide the support to their customers that is going to be needed in the coming downturn, let alone the recovery?" Michael Lever, head of prudential regulation at AFME, said in a blog post.

  • Investing.com

    China Presents Mixed Picture of COVID-19 Recovery

    China presented a mixed picture of its recovery on Friday as it reported industrial production and retail sales data for April. Industrial production increased 3.9% year-on-year, beating analyst forecasts of a 1.5% increase prepared by Investing.com. Meanwhile, retail sales slumped 7.5% year-on-year, against predictions of a 7% decrease.

  • Globe Newswire

    Societe Generale: Description of the share buyback programme 2020

    DESCRIPTION OF THE SHARE BUYBACK PROGRAMME   SUBJECT TO THE AUTORISATION OF THE COMBINED GENERAL MEETING DATED 19 MAY 2020 Regulated information13 May 2019This 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 marchés financiers).1\. Date of the General Meeting called to authorise the share buyback programmeThe authorisation for the Company to buy its own shares will be proposed to the combined General Meeting dated 19 May 2020.2\. Breakdown by objectives of the securities heldAs at 11 May 2020, the allocation of the shares held directly is as follows:Cancellation0 Allocation to employees and company officers2,238,415 Exercise of rights attached to securities0 External growth0 Liquidity agreement33,500 3\. Purposes of the share buyback programmeSociete 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 executive 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 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 priceThe 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, within the legal limit of an amount of shares held representing 10% of the share capital after these buybacks.As at 12 May 2020, without taking into account the shares already held, a theoretical maximum number of 42,668,574 shares could be purchased. Given the number of securities already held at this date and the possibility to hold an amount of shares representing up to 10% of the share capital, the Company could purchase up to 42,668,574 shares.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.The Board of Directors will ensure that the implementation of the buybacks is conducted in compliance with the prudential requirements as set by the regulations.5\. Duration of the share buyback programmeIt is proposed to the combined General Meeting dated 19 May 2020 to set the duration of the authorisation for the Company to buy and sell its own shares at 18 months from the date of the General Meeting.6\. Recommendation of the European Central BankSociete Generale shall not be able to buyback shares aimed at remunerating shareholders during the COVID-19 pandemic and until « at least beginning of October 2020 » in accordance with the recommendation of the European Central Bank (ECB) dated 27 March 2020.Press contact :Corentin Henry _ 01 58 98 01 75_ corentin.henry@socgen.comSociete GeneraleSociete 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. Committed to the positive transformations of the world’s societies and economies, Societe Generale and its teams seek to build, day after day, together with its clients, a better and sustainable future through responsible and innovative financial solutions.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 138,000 members of staff in 62 countries and supports on a daily basis 29 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.comAttachment * Description-of-the-share-buyback-programme-2020

  • Reuters - UK Focus

    Investment banks cut jobs despite coronavirus trading surge -Coalition

    Investments banks cut jobs at the fastest pace in six years during a first quarter in 2020 even though the coronavirus pandemic triggered a surge in volatility and boosted revenues to a five-year high, data published on Wednesday by research firm Coalition showed. While investment banks have benefited from the short-term increase in trading, they are expected to be hit hard by a global recession triggered by the COVID-19 crisis and have already imposed hiring freezes. Coalition's data showed that the banks' revenues from fixed income, currencies, and commodities had their strongest first quarter since 2015, surging 20% to 22.7 billion dollars, as the financial turmoil from the coronavirus crisis prompted a spike in trading.

  • Globe Newswire

    Societe Generale: shares and voting rights as of 30 April 2020

    Name of issuer:                          Société Générale S.A. – French public limited company (“SA”) with a share capital of 1,066,714,367.50 euros                                                                Registered under nr.552 120 222 R.C.S. PARIS                                                                Registered office: 29, Boulevard Haussmann, 75009 ParisInformation about the total number of voting rights and shares pursuant to Article L.233-8 II of the French Commercial Code and Article 223-16 of the AMF General Regulations DateNumber of shares composing current share capitalTotal number of voting rights 30th April 2020853,371,494  Gross:  923,298,424   Attachment * Societe Generale shares & voting rights as of 30-04-2020

  • Globe Newswire

    Societe Generale: Availability of the first amendment to the 2020 Universal Registration Document

    PRESS RELEASE REGULATED INFORMATION Paris, 7th May 2020Availability of the first amendment to the 2020 Universal Registration Document Societe Generale informs the public that the first amendment to the 2020 Universal Registration Document filed on 12th March 2020 under number D-20-0122, has been filed with the French Financial Markets Authority (AMF) on 7th May 2020 under number D-20-0122-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.Press contact:Corentin Henry _ +33(0)1 58 98 01 75_ corentin.henry@socgen.com Societe GeneraleSociete 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. Committed to the positive transformations of the world’s societies and economies, Societe Generale and its teams seek to build, day after day, together with its clients, a better and sustainable future through responsible and innovative financial solutions.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 138,000 members of staff in 62 countries and supports on a daily basis 29 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.comAttachment * Availability-first-amendement-to-the-URD-2020

  • French Establishment Saves Lagardere from Hedge Fund Humiliation
    Bloomberg

    French Establishment Saves Lagardere from Hedge Fund Humiliation

    (Bloomberg Opinion) -- An outsider’s attempt to storm Paris has failed after the French establishment pulled rank. London-based hedge fund Amber Capital U.K. LLP didn’t win enough support to replace the board of Lagardere SCA, owner of the Hachette publishing house, at Tuesday’s annual meeting. Lagardere’s independent shareholders have regrettably missed the chance to have some influence over the company at a critical moment in its history.The shares fell upon the news, and it’s not hard to see why. The vote largely preserves an existing board that has overseen abysmal returns for investors. That poor performance over such a long period provided a sufficient argument for overhauling the company’s governance. But Amber, headed by former Societe Generale prop trader Joseph Oughourlian, also shone a light on the deficiencies of its so-called commandite partnership structure. This has kept managing partner and 7% shareholder Arnaud Lagardere richly rewarded, even as outside investors suffered. Meanwhile, the supervisory board went along with the situation and lacked the power to forcibly change management.The activist campaign gained traction amid the broad endorsement of proxy voting firms. That, however, prompted a reaction from Lagardere’s allies. Vivendi SA, the media conglomerate controlled by billionaire Vincent Bollore, took a big stake in the company last month. So did French investor Marc Ladreit de Lacharriere, Les Echos reported. They likely rejected Amber’s resolutions. The key poll results would otherwise have hung in the balance rather than being split roughly 60:40.It is a shame for outside shareholders that not even one of Amber’s eight nominees were elected. The board could have used an immediate injection of outsiders. Sometimes a partial victory is as good as it gets in activism. Might Bollore have been open to supporting a handful of candidates if the campaign had not become so heated? Perhaps. What happens next? Lagardere’s shares continue to suffer amid measures to curb the coronavirus, given the firm’s reliance on the advertising and travel businesses. So the board needs to be ready to defend the company against opportunistic bids for all or part of the business.The company would be in a stronger position if it ended the commandite, thereby rebooting the standalone investment case. That requires the board to make Arnaud Lagardere an offer, probably in the form of an additional stake, that persuades him to give up the structure. It would be a wrench to cede control of an institution that bears his family name. Much will depend on his personal financial situation, especially as the company is no longer in a position to pay the generous dividends he previously received.Both a sale of the commandite and any deal for all or part of the group would present challenging negotiations. Outside shareholders will want a board that delivers substantially better results for them than it has in the past. The French establishment may have saved Lagardere from outright humiliation, but this protest vote should not be ignored.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Hughes is a Bloomberg Opinion columnist covering deals. He previously worked for Reuters Breakingviews, as well as the Financial Times and the Independent newspaper.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Bloomberg

    What Does BNP Paribas Know That the Markets Don't?

    (Bloomberg Opinion) -- Investors are particularly wary of European banks. Since February, shares in the region’s lenders have lost more than 40% of their value to hit lows not seen even in the depths of the global financial crisis. The concern is that a fragmented industry still grappling with meager profitability will be crippled by the pandemic-inflicted economic slump, notwithstanding all the government assistance.How banks are preparing for the inevitable buildup of bad loans isn’t helping confidence, either. Some took their bitter medicine in the first quarter, making large provisions that ate into profit. Others, perhaps encouraged by regulators, took a more benign view of the impact of the worst economic contraction in living memory.The result? While banks’ loan books differ from each other — with varying exposures to different geographies and industries, and to secured and unsecured borrowers — it will take time to convince investors that things are OK. The mountain of bad loans that plagued lenders after the previous crises took years to reduce. Whether lenders have become truly more prudent remains to be seen.Take France’s BNP Paribas SA. Its outlook is much brighter than that of the markets. The last of Europe’s big banks to report first-quarter earnings said on Tuesday that it only expects a drop of net income for the year of between 15% and 20%. Analysts have been forecasting a 30% drop or more for 2020.Profit fell by a third to 1.3 billion euros ($1.4 billion) in the first three months of 2020, after the bank set aside an additional 502 million euros for the hit from the pandemic, chiefly for its corporate bank and consumer finance businesses. For the rest of 2020, the lender sees net-interest income offsetting a decline in fees. At the same time, BNP said more cost savings would help soften the blow of what it has to set aside for deteriorating credit.The bank expects to lend more, filling a vacuum left by some banks that are less keen to extend credit into Europe. And it plans to capitalize on its shift into automation by not replacing employees who leave.Still, when asked what bad loans will look like over the coming quarters, Chief Financial Officer Lars Machenil told Bloomberg Television it’s “a tad too early to say.” On a call with analysts, executives also declined to share details on the assumptions for gross domestic product that the bank has used. For shareholders, this lack of clarity will remain a cause for concern. Government backing of companies with loan guarantees and grants will help, but the speed with which economic activity will resume is still largely unknown.And there are always the one-offs. BNP missed out on the Wall Street trading bonanza where its peers posted their best quarter in eight years. Instead, its equities revenue was wiped out. The firm lost $200 million on equity derivatives, and unspecified amounts on misfiring hedges and building reserves. Blaming European authorities for restricting dividends, which caused BNP’s bets on payouts to backfire, was a feeble attempt to deflect attention from the real issue. The bank was caught on the wrong side of the market.BNP said there were nine instances in which its trading profits or losses exceeded what its internal “value-at-risk” models had predicted, a sign of the strain the trading business came under in the quarter. Luckily, regulators have lent a hand, easing the capital requirements for banks that get caught out like this.Investors will also take comfort that the bank has a more diverse business than its domestic rival Societe Generale SA, which lost money on similar derivatives bets and plunged into the red for the quarter. BNP trades at 40% of its tangible book value, or twice SocGen’s multiple. The gap has widened, but it’s a stretch to say BNP is a safe bet.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Elisa Martinuzzi is a Bloomberg Opinion columnist covering finance. She is a former managing editor for European finance at Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Reuters - UK Focus

    LIVE MARKETS-Keeping a second wave out of the equation

    * ECB keeps some dry powder Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters. You can share your thoughts with Thyagaraju Adinarayan (thyagaraju.adinarayan@thomsonreuters.com), Joice Alves (joice.alves@thomsonreuters.com) and Julien Ponthus (julien.ponthus@thomsonreuters.com) in London and Stefano Rebaudo (stefano.rebaudo@thomsonreuters.com) in Milan. DWS just published its CIO view in which it sees among other indexes, the STOXX 600 continue its recovery from 340 points today to 370 points in March 2021.

  • Reuters - UK Focus

    Banks dust off no-deal Brexit plans as December deadline looms

    Banks are dusting off their no-deal Brexit plans as concerns deepen that Britain and the European Union won't agree a trade deal by December as the COVID-19 pandemic compounds fundamental disagreements over future relations. Financial services exports to the EU are worth about 26 billion pounds ($32.51 billion) a year, and although Britain left the bloc in January it still has unfettered access until the end of December under a transition agreement, allowing banks, asset managers and insurers to continue serving their biggest export market. If it wants an extension to the transition period, it must ask Brussels by the end of June.

  • Reuters - UK Focus

    LIVE MARKETS-How could the world look like after COVID-19?

    You can share your thoughts with Thyagaraju Adinarayan (thyagaraju.adinarayan@thomsonreuters.com), Joice Alves (joice.alves@thomsonreuters.com) and Julien Ponthus (julien.ponthus@thomsonreuters.com) in London and Stefano Rebaudo (stefano.rebaudo@thomsonreuters.com) in Milan. - Social distancing and associated measures could be seen as a deep intervention into civil rights.

  • Bloomberg

    SocGen's Traders Deliver an Invaluable Lesson

    (Bloomberg Opinion) -- Global banks, fitter than they’ve ever been, were going to be the doctors of the economy during the Covid-19 pandemic, Societe Generale SA Chief Executive Officer Frederic Oudea said confidently just a few weeks ago. For now, the French lender is looking more like a patient.Derivative bets that backfired and a surge in bad-loan provisions pushed SocGen into its first quarterly loss in almost eight years. Now it’s having to scramble to deliver yet more cost cuts in 2020. Ending the company’s overreliance on volatile trading won’t be easy.SocGen lost 200 million euros ($218 million) on equity derivatives linked to shares and corporate payouts, the bank said on Thursday, confirming a report by my Bloomberg News colleagues. Essentially, the bank’s bet went wrong because companies scrapped their dividend payments as economies shut down. The firm’s equities-trading revenue — typically its biggest source of trading income —  was effectively wiped out as counterparty defaults and higher reserves for its structured products also took a toll.Oudea put this all down to the “extraordinary dislocation” of the financial markets in second half of March. BNP Paribas SA, another big French bank, reportedly lost money on similar trades. Yet Wall Street competitors including JPMorgan Chase & Co. and Citigroup Inc. managed to make more money in equity derivatives amid the mayhem of March. This is a reminder of how wild market swings can play out very differently between even the most sophisticated investment banks. Structured trades — complex financial instruments that use derivatives — don’t give you a business that you can rely on every quarter.There was better news for SocGen in fixed income, where revenue rose 32%, in line with peers. While that cushioned some of the trading blow, there was more pain elsewhere.Charges on two fraud-related cases — SocGen is one of the banks exposed to troubled Singapore oil trader Hin Leong Trading — and provisions for the probable buildup of bad loans cost the firm 820 million euros. All told, it posted a 326 million-euro loss, compared to a profit of 686 million euros this time last year.To protect profitability for the rest of 2020, the bank is eyeing another 700 million euros of net savings. It will deliver these by banning travel and events, which is not so difficult at present, and by cutting bonuses and freezing recruitment. The bank has promised not to make any new job cuts until September, however, which does limit its room for maneuver on reducing expenses during this particular economic crisis.At least the bank’s capital has held up. At 12.6%, its key common equity Tier-1 ratio still gives SocGen a comfortable buffer before it faces restrictions on how it can use its capital. Even if the ratio fell to 11%, and there were further bad-loan provisions of as much as 5 billion euros this year, that buffer should be preserved, the bank said.The trouble with SocGen, as I’ve argued before, is that under Oudea — the longest-standing CEO among Europe’s top lenders — it has made strategic missteps that aren’t easily reversible. Crucially, having scaled back in asset management, it is less diversified than its rivals. The bank’s traders showed in the quarter that they can’t always be relied upon, and pressure is building on SocGen’s commercial and consumer banking divisions because of rock-bottom interest rates and recession. With more bad loans on the way, SocGen is showing exactly where its weaknesses lie.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Elisa Martinuzzi is a Bloomberg Opinion columnist covering finance. She is a former managing editor for European finance at Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Reuters - UK Focus

    LIVE MARKETS-April: when Q4 expectations turned negative

    You can share your thoughts with Thyagaraju Adinarayan (thyagaraju.adinarayan@thomsonreuters.com), Joice Alves (joice.alves@thomsonreuters.com) and Julien Ponthus (julien.ponthus@thomsonreuters.com) in London and Stefano Rebaudo (stefano.rebaudo@thomsonreuters.com) in Milan. STOXX 600 earnings expectations for the fourth quarter of 2020 turned negative during the middle of the month and have quickly fallen to -8.8% year-on-year according to the latest data from Refinitiv.

  • Reuters - UK Focus

    LIVE MARKETS-Shell: There is always a first time

    You can share your thoughts with Thyagaraju Adinarayan (thyagaraju.adinarayan@thomsonreuters.com), Joice Alves (joice.alves@thomsonreuters.com) and Julien Ponthus (julien.ponthus@thomsonreuters.com) in London and Stefano Rebaudo (stefano.rebaudo@thomsonreuters.com) in Milan. ** Credit Suisse: "We felt that such a decision may come with a lag (i.e., by 2Q20), once the near and long term may be better understood than what we know today, and may not be as large a cut, considering that decisions on dividends are not taken lightly by the Super Majors."

  • Equity trading wipeout pushes SocGen into the red
    Reuters

    Equity trading wipeout pushes SocGen into the red

    Societe Generale <SOGN.PA> posted a surprise first-quarter loss on Thursday after hiking provisions for bad loans and suffering a revenue wipeout at its equity trading division amid market volatility caused by the coronavirus. Sales from trading shares slumped 99% to 9 million euros (7.86 million pounds) hit by cancelled dividends, increased hedging costs and a counterparty default, contributing to a 537 milion euro loss at the French lender's corporate and investment bank. The weak performance is in stark contrast to European banks, which on average posted a 20% gain in share trading, according to analysts at Jefferies, and is a blow for Chief Executive Frederic Oudea, who has focused SocGen on equities and related derivatives.

  • Globe Newswire

    Societe Generale: 2020 First Quarter Results

    RESULTS AT MARCH 31ST 2020          Press release Paris, April 30th 2020   Q1 20 PERFORMANCE Resilient performance in French Retail Banking and International Retail Banking and Financial Services Underlying profitability of 10.7%(1) in French Retail BankingUnderlying profitability of 15.4%(1) in International Retail Banking and Financial ServicesGlobal Banking and Investor Solutions penalised heavily by market conditions Global Markets, mainly investment structured products on equities, impacted by exceptional market dislocations of the end of the quarter due to Covid-19Satisfactory performance of other businessesCost of risk at 65 basis points amid Covid-19 crisis vs. 21 basis points in Q1 19Decline in the underlying Group operating expenses: -3.6%(1) vs. Q1 19Reported Group net income at EUR -326m and underlying Group net income at EUR 98m(1)THE GROUP ENTERS THE CRISIS WITH A ROBUST PROFILEA solid financial structure and liquidity positionCET1 ratio at 12.6% (12.7% pro forma(2) ) at 31st March 2020: nearly 350 basis points above regulatory requirement(3)LCR ratio at 144% on average in Q1 20 and liquidity buffer at EUR 203bnFunding programme of which approximately 45% is already completedGood quality loan portfolio with geography and sector diversificationGoodwill from our advanced digital strategy, facilitating operational management at a time of crisis2020 OUTLOOKConfirmation of decrease in Group costs in 2020 and additional cost reduction between EUR 600m and EUR 700m in 2020Cost of risk outlook expected at around 70 basis points throughout 2020 in a base Covid scenario and around 100 basis points in a scenario of extended shutdownCET1(4) ratio showing, as of end of 2020, a buffer between 200 and 250 basis points over regulatory requirement, depending on the assumption used for potential exceptional dividend distribution.Frédéric Oudéa, the Group’s Chief Executive Officer, commented: « In the face of the unprecedented health, economic and social crisis we are experiencing, our Societe Generale teams worldwide have shown determination and unwavering tenacity in a truly exceptional mobilisation and I would like to thank them for this. Based on our strong sense of responsibility, the group’s commitment is threefold : firstly, to protect the health of our clients and our employees by applying security measures in all of our sites and activities; secondly, to ensure the continuity of our services as a business of vital importance; and thirdly, to support our staff, clients, suppliers and all our partners during this especially difficult period. We are tackling this crisis with insight but confident in the soundness of our business model, the agility of our operational model driven by technological and digital advancements and the robustness of our capital and risk profile. Beyond our focused adaptation to the immediate impact of the crisis, we are already working on the designs of our next strategic plan 2021-2025 to take into account the new environment post-crisis. » 1\. GROUP CONSOLIDATED RESULTS In EURmQ1 20Q1 19Change Net banking income5,1706,191-16.5%-14.9%* Operating expenses(4,678)(4,789)-2.3%-0.7%* Underlying operating expenses(2)(4,188)(4,345)-3.6%-1.9%* Gross operating income4921,402-64.9%-63.8%* Underlying gross operating income(1)9821,846-46.8%-45.6%* Net cost of risk(820)(264)x 3.1x 3.1 Operating income(328)1,138n/sn/s Underlying operating income(1)1621,582-89.8%-89.4%* Net profits or losses from other assets80(51)n/sn/s Underlying net profits or losses from other assets(1)1572 x 78.5x 79* Income tax46(255)n/sn/s Reported Group net income(326)686n/sn/s Underlying Group net income(1)981,065-90.8%-90.4%* ROE(2)-3.6%4.2%   ROTE(2)-4.2%5.5%   Underlying ROTE (1)-0.5%8.4%   (1)    Adjusted for exceptional items and IFRIC 21 linearisationAs from January 1st 2019, in accordance with the amendment to IAS 12 “Income Tax”, the tax saving related to the payment of coupons on undated subordinated and deeply subordinated notes, previously recorded in consolidated reserves, is now recognised in income on the “income tax” line ; comparative data for Q1 19 have been restated.Societe Generale’s Board of Directors, which met on April 29th  2020 by video call under the chairmanship of Lorenzo Bini Smaghi, examined the Societe Generale Group’s results for Q1 20.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 down -16.5% in Q1 20. The business net banking income was down -12.2% (-10.5%*). Net banking income (excluding PEL/CEL provision) of French Retail Banking was down -1.2% vs. Q1 19, the good commercial dynamic at the beginning of the year being partially offset by the slowdown of the retail activities from mid-March. International Retail Banking & Financial Services showed revenue growth of +1.6%*, driven by commercial dynamic in International Retail Banking where net banking income was up +2.9%*. Insurance revenues are up +1.8%* adjusted from the contribution to the solidarity fund in France for EUR 6 million (-0.9% ; -0.8%* on reported basis). Slight declines were observed in Financial Services to Corporates (-3.5% ; -0.9%*). Global Banking & Investor Solutions’ net banking income fell -27.3% in an exceptional market environment which strongly penalised Global Markets revenues. Operating expensesIn Q1 20, underlying operating expenses declined -3.6% vs. Q1 19 at EUR -4,188 million vs Q1 19.Operating expenses were down -2.4% in French Retail Banking, in a context of strict cost discipline. International Retail Banking & Financial Services’ operating expenses were down -4.8% notably due to the disposals executed in 2019 and up +2.6%* when adjusted for changes in Group structure and at constant exchange rates. Adjusted for contributions to Covid-19 funds, International Retail Banking & Financial Services presented an operating leverage with positive jaws again this quarter (retreated net banking income up +1.9%* and retreated costs up +1.5%*).  Global Banking & Investor Solutions operating expenses were down at -2.4% as a result of the continued implementation of the EUR 500 million cost savings plan.The Group confirms its target to decrease operating expenses for the full year 2020 compared to 2019, excluding exceptional items. Furthermore the Goup will  introduce additional cost reduction measures through 2020 for a total amount comprised between EUR 600 million and EUR 700 million net of additional costs related to the management of Covid-19 crisis (operational costs, contributions to solidarity funds, etc).Cost of riskThe Group’s commercial cost of risk amounted to 65 basis points in Q1 20 significantly higher vs. Q1 19 (21 basis points) marked by an increase of provisioning in the context of the Covid-19 crisis and some specific files, including two exceptionnal fraud files.In a base Covid scenario (decrease of gross domestic product in 2020 of -5.8%, -6.8% and -2.3% respectively in France, Euro zone and Global), the Group expects a cost of risk of circa 70 basis points for 2020. In an scenario of extended shutdown (decrease of gross domestic product in 2020 of -11.1%, -12.8% and -7.8% respectively in France, Euro zone and Global), the Group expects a cost of risk of circa 100 basis points for 2020.The gross doubtful outstandings ratio amounted to 3.1% at March, 31st 2020 (3.2% at end-December 2019). The Group’s gross coverage ratio for doubtful outstandings stood at 55%(1) at March 31st, 2020 stable vs. December 31st, 2019.Net profits or losses from other assets Net profits or losses from other assets totalled EUR +80 million in Q1 20, including EUR -77 million corresponding to the application of IFRS 5 as part of the implementation of the Group’s refocusing plan and EUR +130 million relating to the Group's property disposal programme.Group net incomeIn EURmQ1 20Q1 19 Reported Group net income(326)686 Underlying Group net income(2)981,065  In %Q1 20Q1 19 ROTE (reported)-4.2%5.5% Underlying ROTE(2)-0.5%8.4% Earnings per share is negative and amounts to EUR -0.57 in Q1 20 (EUR 0.65 in Q1-19).2\. GROUP FINANCIAL STRUCTUREGroup shareholders’ equity totalled EUR 62.6 billion at March 31st, 2020 (EUR 63.5 billion at December 31st, 2019). Net asset value per share was EUR 63.9 and tangible net asset value per share was EUR 55.7.The consolidated balance sheet totalled EUR 1,508 billion at March 31st, 2020 (EUR 1,356 billion at December 31st, 2019). The net amount of customer loan outstandings at March 31st, 2020, including lease financing, was EUR 445 billion (EUR 430 billion at December 31st, 2019) – excluding assets and securities purchased under resale agreements. Customer deposits amounted to EUR 438 billion, vs. EUR 410 billion at December 31st, 2019 (excluding assets and securities sold under repurchase agreements).At end-March 2020, the parent company had issued EUR 14.4 billion of medium/long-term debt, with an average maturity of 5.7 years and an average spread of 48 basis points (vs. the 6-month mid-swap, excluding subordinated debt). Issuance from subsidiaries totalled EUR 150 million. In total, at March 31st, 2020, the Group had issued EUR 14.5 billion of medium/long-term debt. The LCR (Liquidity Coverage Ratio) well exceeded regulatory requirements at 141% at end-March 2020 vs. 119% at end-December 2019. At the same time, the NSFR (Net Stable Funding Ratio) was over 100% at end-March 2020.The Group’s risk-weighted assets (RWA) amounted to EUR 355.0 billion at March 31st, 2020 (vs. EUR 345.0 billion at end-December 2019) according to CRR/CRD4 rules. Risk-weighted assets in respect of credit risk represent 81.0% of the total, at EUR 287.6 billion, up +1.8% vs. December 31st, 2019.At March 31st, 2020, the Group’s Common Equity Tier 1 ratio stood at 12.6%, 12.7% pro forma(3), nearly 350 basis points above the regulatory requirement(2). The Tier 1 ratio stood at 14.9% at end-March 2020 (15.1% at end-December 2019) and the total capital ratio amounted to 18.0% (18.3% at end-December 2019).As of end of 2020, the Group aims to steer its CET1 between 200 basis points and 250 basis points over regulatory requirement, depending on the assumption used for potential exceptional dividend distribution.With a level of 28.3% of RWA and 8.0% of leveraged exposure at end-March 2020, the Group’s TLAC ratio is already above the FSB’s requirements for 2020. At March 31st, 2020, the Group was also above its MREL requirements of 8% of the TLOF(3) (which in December 2016, represented a level of 24.36% of RWA), which were used as a reference for the SRB calibration. The leverage ratio stood at 4.2% at March 31st, 2020 (4.3% at December end 2019).The Group is rated by four financial rating agencies: (i) FitchRatings - long-term rating “A”, Rating watch negative, 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”, stable outlook, short-term rating “A-1”. 3\.  FRENCH RETAIL BANKING In EURmQ1 20Q1 19Change Net banking income1,8801,916-1.9% Net banking income excl. PEL/CEL1,9051,928-1.2%  Operating expenses(1,450)(1,486)-2.4% Gross operating income4304300% Gross operating income excl. PEL/CEL455442+2.9% Net cost of risk(249)(94)x2.6 Operating income181336-46.1% Net profits or losses from other assets1311x131 Reported Group net income219234-6.4% RONE7.8%8.3%  Underlying RONE (2)10.7%10.4%  (1) Adjusted for linearisation of IFRIC 21 and PEL/CEL provision French Retail Banking’s financial performance remains resilient this quarter: underlying RONE stood at 10.7% in Q1 20. A good performance in the first two months of the year was offset by the impact of Covid-19 in the second half of March.With France placed in lockdown since mid-March 2020, French Retail Banking has implemented measures to ensure operational continuity: supporting its customers while ensuring the safety of employees. Around 85% of branches and all back offices remain open, with operational adjustments. The group has benefited from its digital capabilities in both the networks and its online bank Boursorama.French Retail Banking’s three brands, Societe Generale, Crédit du Nord and Boursorama, enjoyed a healthy commercial momentum in Q1 20, in particular in January and February. Boursorama consolidated its position as the leading online bank in France, with more than 2.3 million clients at end-March 2020.At the same time, French Retail Banking experienced further expansion in the mass affluent and wealthy client base in Q1 20 (circa +2.2% vs. March 19). Net inflows for wealthy clients remained robust at circa EUR 0.5 billion, taking assets under management to EUR 64.2 billion (including Crédit du Nord) at end-March 2020.French Retail Banking continued to strengthen its corporate client base, with a stable number of customers.Bancassurance suffered from the current environment, with net outflows of EUR 0.2 billion in Q1-20. However, outstandings were up +0.6% at EUR 94.3 billion, with the unit-linked share accounting for 25.2%. Personal protection new contracts were up +14% vs Q1 19 reflecting a good dynamism. The equipment rate of property & casualty continued to grow at +9.8% in Q1 20.Overall, the commercial momentum remained robust this quarter: average loan outstandings rose +7.3% vs. Q1 19 (to EUR 205.9 billion) supported by favourable momentum in housing loans, consumer credit and corporate investment loans. Average outstanding loans to individuals totalled EUR 122.1 billion in Q1 19, up +8.5% vs. Q1 19 and average corporate investment loan outstandings rose +6.4% vs. Q1 19 (to EUR 72.7 billion). Average outstanding balance sheet deposits (2) are up +5.3% vs. Q1 19, to EUR 213.5 billion, still driven by sight deposits (+8.6%(3) vs Q1 19). As a result, the average loan/deposit ratio stood at 96.4% in Q1 19 (up + 1.9 points vs. Q1 19).In this exceptional period, French Retail Banking is fully supporting the economy, accompanying individual, corporate and professional customers. The Group was extremely reactive in setting up the State Guaranteed Loan (PGE), and as of 27st April, circa 57,000 requests have been received for a total amount of EUR 14bn. In addition, as of 27st April, deferred payment for a total amount of EUR 1.8bn has been put in place for Corporate investment loans.Net banking income excluding PEL/CEL In Q1 20, French Retail Banking posted revenues (after neutralising the impact of PEL/CEL provisions) down -1.2% vs Q1 19.Net interest income (excluding PEL/CEL) was 1.4% higher, underpinned in particular by buoyant volumes and steady margins. Commissions were -2.6% lower than in Q1 19: the strong increase in financials commissions over the quarter was more than offset by the drop in service commissions in particular in March.Operating expenses Operating expenses were down -2.4% compared to Q1 19 supported by good control of run costs and despite the increase in regulatory costs this quarter. In Q1 20, the cost to income ratio stood at 71.3% (after linearisation of the IFRIC 21 charge and restated for the PEL / CEL provision), down 1.9 point compared to Q1 19.Cost of risk The commercial cost of risk stood at 49 basis points, in Q1 20 (30 basis points in Q4 19; 20 basis points in Q1 19), reflecting the effect in particular of the provisioning related to Covid-19.Net profits or losses from other assets The “Net profits or losses from other assets” item includes 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 at EUR 219m (-6.4% vs Q1 19), down -2.7% after neutralising the impact of PEL/CEL provisions vs Q1 19.The underlying return on normative equity stood at 10.7% in Q1 20 (vs. 10.4% in Q1 19). 4\. INTERNATIONAL RETAIL BANKING & FINANCIAL SERVICES In EURmQ1 20Q1 19Change Net banking income1,9642,076-5.4%+1.6%* Operating expenses(1,146)(1,204)-4.8%+2.6%* Gross operating income818872-6.2%+0.2%* Net cost of risk(229)(128)+78.9%+80.9%* Operating income589744-20.8%-14.6%* Net profits or losses from other assets121x 12.0x 12.1 Reported Group net income365464-21.3%-12.5%* RONE13.8%16.0%   Underlying RONE (1)15.4%17.6%   (1)    Adjusted for the linearisation of  IFRIC 21 International Retail Banking and Financial Sercices enjoyed a good profitability this quarter with an underlying return on normative equity at 15.4%(1). The commercial performance was very good at the beginning of the year despite first effects of the crisis from mid-March in particular in Western Europe and Financial Service to Corporates.In International Retail Banking, outstanding loans totalled EUR 85.1 billion in Q1 20. They rose +6.2%* vs. end-March 2019 when adjusted for changes in Group structure and at constant exchange rates, with a healthy momentum across all regions. They were down -7.4% at current structure and exchange rates, given the disposals finalised since Q1 19 (Societe Generale Monténegro, Eurobank in Poland, Societe Generale Serbia, Mobiasbanca in Moldavia, SKB in Slovenia and OBSG in Macedonia). Outstanding deposits followed a similar positive trend, up +7.4%* (-6.3%) vs. end-March 2019, to reach  EUR 77.7 billion.Within the Europe scope, outstanding loans were up +5.9%* vs. end-March 2019 at EUR 53.3 billion (- 11.6%) and outstanding deposits were up +6.5%*(-12.5%).In Russia, commercial activity was robust in the quarter, particularly in the corporate segment. Outstanding loans were up +7.7%* (-5.7%) vs. end-March 2019 while outstanding deposits climbed +14.0%* (+1.8%). In Africa, Mediterranean Basin and French Overseas Territories, the commercial performance was also solid. Outstanding loans rose +6.4%*(+3.8%) vs. end-March 2019, with a good commercial momentum in the corporate segment. Outstanding deposits were up +6.3%* (+4.4%).In Insurance, the life insurance savings business saw outstandings increase +1.4%* vs. end-March 2019. The share of unit-linked products, very high this quarter, reached 47% of gross inflows and 27% of outstandings. Protection insurance enjoyed steady growth (+5.5%*), with a very good performance  in Property/Casualty premiums in particular,  increasing by +14.1%* vs. Q1 19.Financial Services to Corporates enjoyed also a good commercial momentum in the first quarter.  Net banking income In Q1 20, revenues totalled EUR 1,964 million, up +1.6%* (-5.4%) vs. Q1 19, up +1.9%* excluding EUR 6m of contribution to the solidarity fund in Insurance in France.Net banking income of International Retail Banking, totalled EUR 1,293 million, up +2.9%* (-6.8%) vs. Q1 19. In Europe revenues were up +1.0%* (-16.4%). The revenues growth remains solid in SG Russia(2)  (+4.4%*, +6.0%) as well as in Africa, Mediterranean Basin and French Overseas Territories (+4.3%*, +4.7% vs. Q1 19).The Insurance business posted  EUR 229m of net banking income, slightly down (-0.8%*; -0.9%). Restated from the contribution to the solidarity fund in France, it was up +1.8%* vs. Q1 19.Financial Services to Corporates’ net banking income decreased by -0.9%* (-3.5%) to EUR 442 million.Operating expenses Operating expenses were up +2.6%* (-4.8%) vs. Q1 19. Excluding EUR 11m of contribution to the guarantee fund COVID in Mediterranean basin, operating expenses were up +1.5%*. The cost to income ratio stood at 58.4% in Q1 20.In International Retail Banking, operating expenses were up +2.4%* (-6.9%) vs. Q1 19.In the Insurance business, operating expenses in conjunction with the Insurance business’ commercial expansion ambitions rose +3.6%* vs. Q1 19 to EUR 108 million.In Financial Services to Corporates, operating expenses rose +2.8%* (-1.2%) vs. Q1 19.Cost of risk This quarter, the cost of risk is at 67 basis points vs. 39 basis points in Q1 19. This quarter included the first impact of Covid-19 notably in Europe.Contribution to Group net income The contribution to Group net income was at EUR 365m, -12.5%* (-21.3%) vs Q1 19. Underlying RONE stood at 15.4% in Q1 20, vs. 17.6%  in Q1 19. 5\. GLOBAL BANKING & INVESTOR SOLUTIONS In EURmQ1 20Q1 19Change Net banking income1,6272,239-27.3%-28.2%*  Operating expenses(1,977)(2,026)-2.4%-2.9%* Gross operating income(350)213n/sn/s Net cost of risk(342)(42)x 8.1x 8.0 Operating income(692)171n/sn/s Reported Group net income(537)140n/sn/s RONE-15.8%3.4%   Underlying RONE (1)-9.0%8.0%   (1)    Adjusted for the linearisation of IFRIC 21Net banking income Reported net banking income were down -27.3% at EUR 1,627m When adjusted for the impact of restructuring (activities in the process of being closed or scaled back), the revaluation of SIX securities which positively impacted Q1 19 for EUR 66 million and the disposal of Private Banking in Belgium, net banking income was down -20.7% compared to Q1 19.In Global Markets & Investor Services, reported net income banking totalled EUR 768 million, down - 42.2% vs Q1 19. When adjusted for the impact of restructuring and the revaluation of SIX securities (EUR +34 million in Q1 19), revenues in Q1 20 were down -33.7% vs. Q1 19.When restated for the impact of restructuring in Global Markets, revenues from Fixed Income & Currencies were +51.6% higher in Q1 20 vs. Q1 19, driven by high client activity and greater volumes, especially in rates, foreign exchange and financing. On a reported basis, they were up +32.1%. at EUR 609 million. The very strong performance in rates and foreign exchanges fully offsetted a poor performance in structured credit, which was penalised by spreads widening and credit defaults.Equity net banking income totalled EUR 9 million in Q1 20, down -98.7% vs. Q1 19 and impacted by different effects. These activities performed well in January and February. However, revenues from structured products activities were severely impacted by the equity markets dislocation in March, the cancellation of dividend payments (loss of EUR 200 million) and by counterparty defaults (loss of EUR 55 million). In addition, reserves increased this quarter, impacting revenues by EUR 175 million.Despite the current crisis, a significant step in the integration of EMC activities within Societe Generale was successfully achieved in March. It concerns the integration of flow investment solutions (such as warrants and certificates).Securities Services’ assets under custody amounted to EUR 4,110 billion at end-March 2020, a decline of -2.4% vs end-December 2019. Over the same period, assets under administration were lower (-10.5%) at EUR 579 billion. In Q1 20, Securities Services’ revenues totalled EUR 150 million, down -9.6% vs Q1 19, when adjusted for the revaluation of SIX securities (EUR +34 million), with fees decreasing in March due to the Covid-19 crisis in France.Financing and Advisory revenues totalled EUR 629 million in Q1 20, down -4.1% vs a high Q1 19. Structured finance revenues were resilient, with a good start to the year. The Asset Backed Products platform suffered from credit market dislocation, in particular in US and posted a weaker quarter. Results were more mitigated in investment banking: debt capital markets were active this quarter but equity capital markets, M&A and LBO markets have been muted. Transaction banking business continued to expand this quarter and confirmed its good profitability.Asset and Wealth Management’s net banking income totalled EUR 230 million in Q1 20, an increase of +5.5% when adjusted for the revaluation of SIX securities (EUR 32 million in Q1 19) and for the disposal of Private Banking in Belgium (-9.8% on a reported basis).At end-March 2020, Private Banking presented a net new inflow of EUR 1 billion, driven by France. With the negative market effect, assets under management were, however, -6.6% lower than in December 2019, at EUR 111 billion.  When adjusted for the revaluation of SIX securities and for the disposal of Private Banking in Belgium, net banking income amounted to EUR 176 million, up +4.1% vs. Q1 19 (- 14.6% on a reported basis), with resilient results in French Private Banking.Lyxor’s assets under management totalled EUR 126 billion at end-March 2020, down -15.2% vs end-December 2019, following the collapse of the equity index market in March. In Q1 20, revenues were up +13.6% vs Q1 19, driven by the contribution of Commerzbank assets.Operating expenses When restated from IFRIC21 impact, Q1 20 operating expenses were down -4.9% vs. Q1 19. Global Banking and Investor Solutions confirms the successful execution of its cost savings plan of EUR 500 million, totally secured for 2020, and is on track to deliver, this year, operating expenses below  EUR 6.8 billion.Net cost of risk The net cost of risk was up sharply: 87 basis point in Q1 20 (vs. 17 basis point in Q4 19). It is heavily penalised by first sight of Covid-19 effect, as well as some specific files, including two exceptionnal fraud files.Contribution to Group net income The contribution to Group net income was at EUR -537m. Underlying RONE stood was negative this quarter. 6\. CORPORATE CENTRE In EURmQ1 20Q1 19 Net banking income(301)(40)  Operating expenses(105)(73) Gross operating income(406)(113) Net cost of risk-- Net profits or losses from other assets(77)(53) Reported Group net income(373)(152) Figures for Q1 19 restated for the implementation of the amendment to IAS 12. See Appendix 1.The Corporate Centre includes: * property management of the Group’s head office, * Group equity portfolio, * Treasury function for the Group, * certain costs related to 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 -301 million in Q1 20 vs. EUR -40 million in Q1 19. It contains 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 -105 million in Q1 20 vs. EUR -73 million in Q1 19.Gross operating income totalled EUR -406 million in Q1 20 vs. EUR -113 million in Q1 19.Net profits or losses from other assets totalled EUR -77 million in Q1 20 and included primarily, with regard to the application of IFRS 5 as part of the implementation of the Group’s refocusing plan, an expense amounting to 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 -373 million in Q1 20 vs. EUR -152 million in Q1 19. 7\. CONCLUSIONIn the face of the unprecedented health, economic and social crisis we are experiencing, the Group is committed to ensure the safety of its employees and clients and to support its clients with both continuity and quality of service, wholly fulfilling its role of economic support in particular alongside its partners.Able to draw on the prudent action delivered over the past few years, the Group is tackling this crisis with a sound business model. Its risk profile is robust with a good quality loan portfolio, diversified by geography and sector. The Group has built a strong balance sheet and liquidity profile.Through the management of this health-triggered economic crisis, the Group confirms the decrease of its costs in 2020 versus 2019 and the good execution of initiated costs reduction plans. Furthermore it targets an additional cost reduction between EUR 600m and EUR 700m, net of specific costs related to Covid.The Group expects, over 2020, a cost of risk of around 70 basis points in its base Covid scenario and a cost of risk of around 100 basis points in a scenario of extended shutdown. The Group aims to steer its CET1(1) between 200 and 250 basis points over regulatory requirement, depending on the assumption used for potential exceptional dividend distribution.Beyond the focused adaptation to the immediate impact of the crisis, the Group is already working on the designs of its 2021-2025 strategic plan to take into account the new environment post crisis. 8\. 2020 FINANCIAL CALENDAR2020 Financial communication calendar                 May 19th, 2020                   General Meeting August 3rd, 2020                Second quarter and first half 2020 results November 5th, 2020         Third quarter and nine-month 2020 resultsThe 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 CORE BUSINESS In M EURQ1 20Q1 19Change French Retail Banking219234-6.4% International Retail Banking and Financial Services365464-21.3% Global Banking and Investor Solutions(537)140n/s Core Businesses47838-94.4% Corporate Centre(373)(152)n/s Group(326)686n/s Corporate Centre and Group figures for Q1 19 restated for the application of the amendment to IAS 12TABLE FOR THE TRANSITION FROM PUBLISHED DATA TO DATA RESTATED FOR THE APPLICATION OF THE AMENDMENT TO IAS 12 Income Tax Group Net Income  ReportedIAS 12 impactAdjusted ReportedIAS 12 impactAdjusted Q1 19(310)55(255) 63155686 CONSOLIDATED BALANCE SHEET ASSET – in million of euros31.03.202031.12.2019 Cash, due from central banks132,389102,311 Financial assets at fair value through profit or loss464,642385,739 Hedging derivatives20,20416,837 Financial assets measured at fair value through other comprehensive income55,49353,256 Securities at amortised cost12,84112,489 Due from banks at amortised cost63,24656,366 Customer loans at amortised cost461,775450,244 Revaluation differences on portfolios hedged against interest rate risk434401 Investment of insurance activities156,535164,938 Tax assets5,5895,779 Other assets95,86168,045 Non-current assets held for sale3,6544,507 Investments accounted for using the equity method115112 Tangible and intangible assets30,20130,652 Goodwill4,7274,627 Total1,507,7061,356,303  LIABILITIES – in million of euros31.03.202031.12.2019 Central banks9,8164,097 Financial liabilities at fair value through profit or loss447,381364,129 Hedging derivatives11,45210,212 Debt securities issued139,565125,168 Due to banks115,628107,929 Customer deposits442,642418,612 Revaluation differences on portfolios hedged against interest rate risk8,1296,671 Tax liabilities1,3531,409 Other liabilities108,94385,062 Non-current liabilities held for sale8471,333 Liabilities related to insurance activities contracts135,458144,259 Provisions3,9714,387 Subordinated debts15,00314,465 Total liabilities1,440,1881,287,733 SHAREHOLDERS' EQUITY   Shareholders' equity, Group share   Issued common stocks, equity instruments and capital reserves30,05931,102 Retained earnings32,59229,558 Net income(326)3,248 Sub-total62,32563,908 Unrealised or deferred capital gains and losses256(381)   Sub-total equity, Group share62,58163,527 Non-controlling interests4,9375,043 Total equity67,51868,570 Total1,507,7061,356,303 10.    APPENDIX 2: METHODOLOGY1 - The financial information presented for the quarter ending 31 March 2020 was reviewed by the Board of Directors on April 29st 2020 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 43 of Societe Generale’s 2020 Universal 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, 2019 (pages 423 et seq. of Societe Generale’s 2020 Universal Registration Document). The term “costs” is also used to refer to Operating Expenses. The Cost/Income Ratio is defined on page 43 of Societe Generale’s 2020 Universal 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 dataIt 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 20 (in EURm)Operating ExpensesNet profit or losses from other assetsGroup net incomeBusiness Reported(4,678)80(326)  (+) IFRIC 21 linearisation490 347  (-) Group refocusing plan* (77)(77)Corporate Centre Underlying(4,188)15798        Q1 19 (in EURm)Operating ExpensesNet profit or losses from other assetsGroup net incomeBusiness Reported(4,789)(51)686  (+) IFRIC 21 linearisation444 304  (-) Group refocusing plan* (53)(75)Corporate Centre Underlying(4,345)21,065  6 – Cost of risk in basis points, coverage ratio for doubtful outstandingsThe cost of risk or commercial cost of risk is defined on pages 45 and 574 of Societe Generale’s 2020 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. (In EUR m)Q1 20Q1 19 French Retail BankingNet Cost Of Risk24994 Gross loan Outstandings201,139191,422 Cost of Risk in bp4920 International Retail Banking and Financial ServicesNet Cost Of Risk229128 Gross loan Outstandings136,407129,861 Cost of Risk in bp6739 Global Banking and Investor SolutionsNet Cost Of Risk34243 Gross loan Outstandings158,064164,811 Cost of Risk in bp8710 Corporate CentreNet Cost Of Risk 0 Gross loan Outstandings9,7109,248 Cost of Risk in bp2(1) Societe Generale GroupNet Cost Of Risk820264 Gross loan Outstandings505,319495,341 Cost of Risk in bp6521 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, RONEThe notions of ROE (Return on Equity) and ROTE (Return on Tangible Equity), as well as their calculation methodology, are specified on page 45 and 46 of Societe Generale’s 2020 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 the Group’s businesses, according to the principles presented on page 46 of Societe Generale’s 2020 Universal 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. 9). 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 methodologyEnd of periodQ1 20Q1 19 Shareholders' equity Group share62,58161,830 Deeply subordinated notes(8,258)(9,473) Undated subordinated notes(288)(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 amortisations1(37) OCI excluding conversion reserves(648)(472) Dividend provision-(2,025) ROE equity end-of-period53,38749,540 Average ROE equity53,27949,434 Average Goodwill(4,561)(4,701) Average Intangible Assets(2,369)(2,193) Average ROTE equity46,34942,540 Group net Income (a)(326)686 Underlying Group net income (b)981,065 Interest on deeply subordinated notes and undated subordinated notes (c)(159)(165) Cancellation of goodwill impairment (d) 67 Ajusted Group net Income (e) = (a)+ (c)+(d)(485)588 Ajusted Underlying Group net Income (f)=(b)+(c)(61)900     Average ROTE equity (g)46,34942,540 ROTE quarter: (4*e/g)]-4.2%5.5%     Average ROTE equity (underlying) (h)46,77342,730 Underlying ROTE quarter: (4*f/h)]-0.5%8.4% RONE calculation: Average capital allocated to Core Businesses (in EURm)In EUR mQ1 20Q1 19Change French Retail Banking11,18211,257-0.7% International Retail Banking and Financial Services10,56311,617-9.1% Global Banking and Investor Solutions13,61516,582-17.9% Core Businesses35,36039,456-10.4% Corporate Centre17,9199,978+79.6% Group53,27949,434+7.8% 8 – Net assets and tangible net assetsNet assets and tangible net assets are defined in the methodology, page 48 of the Group’s 2020 Universal Registration Document. The items used to calculate them are presented below.End of periodQ1 2020192018 Shareholders' equity Group share62,58163,52761,026 Deeply subordinated notes(8,258)(9,501)(9,330) Undated subordinated notes(288)(283)(278) Interest net of tax payableto holders of deeply subordinated notes & undated subordinated notes, interest paid to holders of deeply subordinated notes & undated subordinated notes, issue premium amortisations14(14) Bookvalue of own shares in trading portfolio381375423 Net Asset Value54,41654,12251,827 Goodwill(4,611)(4,510)(4,860) Intangible Asset(2,376)(2,362)(2,224) Net Tangible Asset Value47,42947,25044,743      Number of shares used to calculate NAPS**851,133849,665801,942 Nest Asset Value per Share63.963.764.6 Net Tangible Asset Value per Share55.755.655.8 ** The number of shares considered is the number of ordinary shares outstanding as at March 31st, 2020, 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 47 of Societe Generale’s 2020 Universal 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 47 of Societe Generale’s 2020 Universal 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 2020192018 Existing shares853,371834,062807,918 Deductions    Shares allocated to cover stock option plans and free shares awarded to staff2,9724,0115,335 Other own shares and treasury shares-149842 Number of shares used to calculate EPS**850,399829,902801,741 Group net Income(326)3,2484,121 Interest on deeply subordinated notes and undated subordinated notes(159)(715)(719) Capital gain net of tax on partial buybacks--- Adjusted Group net income(485)2,5333,402 EPS (in EUR)-0.573.054.24 Underlying EPS* (in EUR)-0.074.035.00 * Excluding exceptional items and including linearisation of the IFRIC 21 effect. ** The number of shares considered is the number of ordinary shares outstanding as at March 31st, 2020, 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 fully-loaded solvency ratios are presented pro forma for current earnings, net of dividends, for the current financial year, unless specified otherwise. When there is reference to phased-in ratios, these do not include the earnings for the current financial year, unless specified otherwise. The leverage ratio is calculated according to applicable CRR/CRD4 rules including the provisions of the delegated act of October 2014.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 GeneraleSociete 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. Committed to the positive transformations of the world’s societies and economies, Societe Generale and its teams seek to build, day after day, together with its clients, a better and sustainable future through responsible and innovative financial solutions.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 138,000 members of staff in 62 countries and supports on a daily basis 29 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 5 for the transition from accounting data to underlying data.(2)      Pro forma for the announced disposals (+10 basis points) and the integration of EMC (-4 basis points)(3)      9.05% as of 04.01.2020(4)      Including 2020 dividend accrual The footnote * in this document corresponds to data adjusted for changes in Group structure and at constant exchange rates.  1. Adjusted for exceptional items and linearisation of IFRIC 21 2. See methodology note 7  for ROE, ROTE, RONE  1. Ratio between the amount of provisions on doubtful outstandings and the amount of these same outstandings. 2. Adjusted for exceptional items and linearisation of IFRIC 21 ([3]) Pro forma for the announced disposals (+10 basis points) and the integration of EMC (-4 basis points)(2) 9.05% as of 04.01.2020(3) TLOF: Total Liabilities and Own Funds(2) including BMTN(3) including foreign currency deposit(2) SG Russia encompasses the entities Rosbank, Rusfinance Bank, Societe Generale Insurance, ALD Automotive and their consolidated subsidiaries(1)                 Including 2020 dividend accrual   Attachment * Press Release Q1-2020

  • Globe Newswire

    Societe Generale: Information on the first quarter results

    FIRST QUARTER 2020 RESULTS Press release Paris, 29 April 2020The Group informs the public that Societe Generale will release its first quarter 2020 results on Thursday 30 April 2020 before market opening.Press contacts: Corentin Henry _ +33 1 58 98 01 75 _ corentin.henry@socgen.com@SG_presseSociete GeneraleSociete 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. Committed to the positive transformations of the world’s societies and economies, Societe Generale and its teams seek to build, day after day, together with its clients, a better and sustainable future through responsible and innovative financial solutions.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 138,000 members of staff in 62 countries and supports on a daily basis 29 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.comAttachment * Societe Generale_ First quarter 2020 results

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