SOCIETE GENERALE GROUP RESULTS
1st quarter 2021 | 06.05.2021
This presentation 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, in particular in the Covid-19 crisis context, 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 Universal 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.
The financial information presented for the quarter ending 31 March 2021 was reviewed by the Board of Directors on 5 May 2021. It has been prepared in accordance with IFRS as adopted in the European Union and applicable at this date and has not been audited.
1ST QUARTER 2021 RESULTS 6 MAY 2021 2
Q1 21 : AN EXCELLENT QUARTER
STRONG REBOUND IN EARNINGS
Revenues: +21% (+25%*)
vs. Q1 20
Strong performance in Global Markets
Sustained growth in Financial Services and Financing & Advisory
Resilient revenues in Retail
vs. Q1 20
SOLID BALANCE-SHEET & ASSET QUALITY
2021 cost of risk expected between 30bp and 35bp
at end Q1 21
~ 450bp over MDA
EXECUTION OF STRATEGIC ROADMAP
Delivering on our strategic initiatives
French networks' merger on track
Development of growth engines
Global Banking & Investor Solutions ready to deliver sustainable performance
Refocusing program completed
Exclusive negotiation with Amundi on the disposal of Lyxor's asset management activities announced in April
GROUP NET INCOME AT EUR 1.3bn(1), ROTE AT 10.1%(1)
Underlying data: adjusted for exceptional items and IFRIC 21 linearisation (see supplement)
Including IFRS9 phasing, 13.2% fully-loaded
* When adjusted for changes in Group structure and at constant exchange rates
1ST QUARTER 2021 RESULTS 6 MAY 2021 4
REINFORCING LEADERSHIP POSITIONS IN SUSTAINABLE FINANCE
ACCELERATING PORTFOLIO ALIGNMENT
Net Zero Banking Alliance (NZBA) founding member(1)
Committed to achieving carbon neutrality in banking portfolios by 2050 Aligning with a new reference scenario of 1.5°C
Member of the Net Zero Asset Owner Alliance (NZAO)
Concrete steps to reduce fossil fuel footprint
DELIVERING INNOVATIVE SOLUTIONS
Awards of #1 Sustainable Export Finance 2020(2) and Best Bank for New Financial Products with
specific mention of recognising ESG and sustainable finance(3)
First French bank to offer in its retail networks a 100% SRI
savings range in open architecture
Target to reduce to zero our already limited exposure to thermal coal in 2030 in OECD and EU countries, and 2040 elsewhere
Ambitious oil and gas target, to reduce overall exposure to oil and gas extraction sector by 10% by 2025 vs 2019 levels
Reduction of the US Reserve-Based Lending by more than 25% in 2020
Convened by the United Nations Environment Programme Finance Initiative "UNEP-FI", in April 2021
Global Finance Best Investment Bank Award 2021
First sustainability-linked bond in building materials sector (LafargeHolcim)
1ST QUARTER 2021 RESULTS 6 MAY 2021 5
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