In the third quarter of 2024, Société Générale achieved notable growth, reporting a group net income of EUR 1.4 billion, underpinned by a solid 10.5% year-over-year increase in revenues, reaching EUR 6.8 billion. The revenue boost was largely driven by a robust recovery in net interest income in France, aligned with the group’s year-end estimates. Global Banking and Investor Solutions contributed significantly to the performance, particularly in Equities and Transaction Banking.
The quarter saw strong positive jaws, demonstrating effective expense management, as operating costs declined by 0.8% compared to Q3 2023. This efficiency improvement led to a cost-to-income ratio of 63.3%, an enhancement of 7.1 percentage points year-over-year. Meanwhile, the cost of risk remained stable at 27 basis points, reflecting careful risk management practices.
The group’s profitability was also markedly higher, with Return on Tangible Equity (ROTE) rising to 9.6% compared to 3.8% in Q3 2023. For the first nine months of 2024, net income surged by 53% year-over-year to reach EUR 3.2 billion, reflecting the ongoing improvement in operational performance. Total revenues for the period reached EUR 20.2 billion, a 5.3% increase compared to the first nine months of 2023, while operating expenses remained steady, up just 0.1% year-over-year. The nine-month cost-to-income ratio also improved, dropping to 68.8%, down by 3.6 percentage points from the prior year. Profitability was bolstered further, with a ROTE of 7.1%, up from 5.0% in the same period of 2023.
These results highlight Société Générale’s strong performance and strategic focus on growth and operational efficiency, positioning it for sustained profitability and resilience in the current economic landscape.

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