Societe Generale Witnesses 2.3% YoY Rise in Revenues for Q3 2022

Societe Generale has released its strong financial results for the third quarter ended September 30, 2022, and the first nine months of this year.

Strong results in Q3 2022:

• Good business performance with revenues up +2.3% vs. Q3 21 driven by the resilience of French Retail Banking, strong growth in International Retail Banking and in Financial Services, and a robust performance from Global Markets and Financing & Advisory 

• Underlying Group net income of EUR 1.4 billion

• Underlying profitability (ROTE) of 10.5%

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Excellent underlying performance in the first nine months of 2022:

• Underlying Group net income of EUR 4.5 billion, up +11.2% vs. 9M 21 

• Underlying cost to income ratio, excluding contribution to the Single Resolution Fund, of 59.6% at end-September, now expected below 64% for 2022 

• Underlying profitability (ROTE) of 10.4%

• Strengthened capital position ans robust balance sheet 

• CET 1 ratio of 13.1% at end-September 2022, up 13 basis points vs. end-June 2022 and around 
  380 basis points above the regulatory requirement

Fréderic Oudéa, the Group's Chief Executive Officer, commented: "In an increasingly complex geopolitical and economic environment, Societe Generale posts, once again, excellent results, with both a very solid commercial performance and profitability. The third quarter is marked by increasing revenues, continued control of operating expenses and a contained cost of risk, while maintaining a prudent provisioning policy.

We continue to make good progress on the execution of our strategic initiatives, with several major milestones achieved, notably on the merger of the retail banking networks in France and the finalisation of the partnership between Boursorama and ING. The coming months will enable us to continue to implement the strategic initiatives underway, which would ensure sustainable growth and profitability, while together ensuring an effective and orderly transition."

In August, Fazzaco reported that Societe Generale registered 12.8% increase on a yearly basis in revenue in Q2 2022​.