Societe Generale Reports 16.6% YoY Increase in Revenues of Q1 2022

Societe Generale has published today its financial results for Q1 2022 ended March 31st. The key indicators are as follows:

• Strong increase in revenues of +16.6% vs. Q1 21 with a solid performance by all the businesses particularly in Global Markets, Financial Services and Financing & Advisory

• Cost to income ratio of 56.4%, excluding contribution to the Single Resolution Fund, with a positive jaws effect in all the businesses

• Cost of risk at 39 basis points, around 31 basis points excluding the Russian assets currently being sold

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• 2022 cost of risk expected between 30 and 35 basis points

• Underlying Group net income of EUR 1.57 billion, an increase of +21.3% vs. Q1 21

• ​Underlying profitability (ROTE) of 11.9%

Fréderic Oudéa, the Group's Chief Executive Officer, commented: "This first quarter confirms the robustness and resilience of our business model, with a strong performance by all our businesses in a more uncertain environment, improved operating leverage and a contained cost of risk. The planned disposal, currently being finalised, of our activities in Russia, following the abrupt change in this country's outlook, will enable the Group to withdraw in an effective and orderly manner, ensuring continuity for both its employees and its customers. With new milestones achieved this quarter, the Group is determinedly pursuing the implementation of its strategic initiatives and remains focused on its ambition of sustainable and profitable growth, combined with an attractive shareholder distribution."