Societe Generale SA (CHIX:GLEp)

€ 51.02 +1.14 (+2.29%) Market Cap: 39.63 Bil Enterprise Value: 49.75 Bil PE Ratio: 8.88 PB Ratio: 0.57 GF Score: 52/100

Full Year 2024 Societe Generale SA Earnings Call Transcript

Feb 6, 2025 / 10:00 AM GMT

Release Date Price: €34.73 (+12.43%)

Transcript

Key Points

Positve

Societe Generale SA (SCGLF) exceeded its financial targets for 2024, with revenues up 7%, surpassing the 5% target.
The company achieved a cost-to-income ratio of 69%, improving by nearly five points from the previous year.
The CET1 ratio increased by 20 basis points, reaching 13.3%, which is ahead of the planned trajectory.
A total distribution of EUR 1.7 billion is proposed, up 75% from 2023, including a dividend and share buyback.
The company successfully streamlined its business portfolio with 13 disposals, enhancing capital and buyer quality.

Negative

Despite improvements, the French retail division still faces challenges in achieving a cost-income ratio below 60% by 2026.
There is uncertainty regarding the impact of regulatory changes, such as FRTB, on capital requirements.
The company faces potential risks from the UK Motor Finance Provision, with a wide range of possible outcomes.
The growth in global markets and investor services was slightly lower than peers, raising questions about capital constraints.
The cost of achieving transformation goals remains high, with significant expenses anticipated in 2025.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

SOGN.PA - Societe Generale SA
Full Year 2024 Societe Generale SA Earnings Call
Feb 06, 2025 / 10:00AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning, everyone and thank you for joining us today. I'm very pleased to be here with you to review our performance and achievements for the past year. But I'm also eager to share with you our future ambitions and the targets we have set for the year to come. Of course, I first want to welcome Leo, our new CFO who joined the call for the first time. Leo is a tremendous addition to our leadership team and we have been working together for about a month already and I'm very happy to have him on the team.

2024 was the first full year for the management team appointed in 2023 at our C MD. We set a clear path for the company and since then, we've been relentlessly focused on the precise execution of our strategy.

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