Q1 2026 Societe Generale SA Earnings Call Transcript
Key Points
- Societe Generale SA (SCGLF) reported a strong profitability with a RoTE of 11.7% in Q1 2026, exceeding their full-year target.
- The company achieved a cost reduction of 6% compared to Q1 2025, translating into a cost-to-income ratio of 60.9%, aligning with their target of below 60% by year-end.
- The CET1 ratio stood at a solid 13.5% at the end of Q1 2026, providing a strong capital buffer.
- French Retail, Private Banking, and Insurance revenues increased by 10.7% at constant perimeter and exchange rates, driven by a 13.8% growth in net interest income.
- BoursoBank achieved a record number of market orders and a high RONE of 65.9%, indicating strong profitability and customer engagement.
- Global Banking & Investor Solutions saw a slight revenue decline of 0.5% at constant perimeter and exchange rates due to less favorable market conditions.
- Fixed income and currencies revenues declined by 18.2% versus Q1 2025, impacted by high volatility and tight spread environments.
- Financing and Advisory revenues declined by 8.6% versus Q1 2025, reflecting softer activity in investment banking.
- The cost of risk, although low, stood at 25 basis points, indicating potential concerns in a complex environment.
- Outstanding deposits in French Retail fell by 2% versus Q1 2025, despite growth in retail savings and investment products.
Ladies and gentlemen, welcome to the Societe Generale first-quarter 2026 results conference call. I will now hand over to Mr. Slawomir Krupa, Chief Executive Officer. Sir, please go ahead.
Thank you. Good morning, everyone, and thank you for joining us today on what I know is a busy morning. Leo and I are very pleased to present our results for the first-quarter, in what is the final year of our current strategic road map. You know the volatility of the environment we operate in, it's complex to say the least. And yet, once again, continued our strong momentum in Q1 '26.
Here are some of the highlights that demonstrate how we are progressing with discipline towards the targets we have set for 2026. We delivered a strong profitability with a RoTE of 11.7% in Q1 '26, which is well above our full year target. Specifically, our revenues are slightly up by 0.3% versus Q1 '25 on a reported basis and up 4.4% at constant perimeter and exchange
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