SCGLF - Société Générale Société anonyme (SCGLF) Q1 2024 Earnings Call Transcript
2024-05-03 10:10:29 ET
Société Générale Société anonyme (SCGLF)
Q1 2024 Earnings Conference Call
May 03, 2024 05:00 AM ET
Company Participants
Slawomir Krupa - Chief Executive Officer
Claire Dumas - Chief Financial Officer
Stephane Landon - Chief Risk Officer
Philippe Aymerich - Deputy Chief Executive Officer
Conference Call Participants
Tarik El Mejjad - Bank of America
Giulia Miotto - Morgan Stanley
Guillaume Tiberghien - BNP Paribas
Delphine Lee - JPMorgan
Sharath Kumar - Deutsche Bank
Matt Clark - Mediobanca
Azzurra Guelfi - Citi
Jacques-Henri Gaulard - Kepler Cheuvreux
Chris Hallam - Goldman Sachs
Anke Reingen - RBC
Sam Moran-Smyth - Barclays
Pierre Chedeville - CIC
Joseph Dickerson - Jefferies
Kiri Vijayarajah - HSBC
Presentation
Slawomir Krupa
Thank you. Good morning everyone. Thank you for joining us today. It has been an intense quarter with several important first steps in the execution of our strategic road map.
As explained last September we reshaped our business model, make it simpler, more efficient and more robust. In support of the strategy and the implementation of that strategy, we recently announced the planned disposals of our equipment finance and the Moroccan activities, which will generate 40 basis points of capital in total close. Those came after the announcement in February, the streamlining project of the French head office.
We have also officially launched Bernstein on April 1st, which creates a new global leader in cash equities and research. At the same time, we have an operating performance, which is improving in line with our trajectory.
Revenues are stable compared to Q1 2023 on the back of an overall robust commercial performance for most businesses, global banking and investor solutions in particular and an improvement in French NII, despite the high deposit beta in France. Claire will go through the details in a few minutes.
On costs they are down 1.5% since last year. Note that we have already accounted this quarter for a large part of the transformation charge for the year. This leads to a reported cost-to-income ratio of 74.9% in Q1. Cost of risk is in line with guidance at 27 basis points for the quarter.
And overall, the group net income stands at €680 million in Q1 and the quarterly ROTE is at 4.1%. On capital, the CET1 ratio is up by 10 basis points versus previous quarter at 13.2% post distribution provision....
Société Générale Société anonyme (SCGLF) Q1 2024 Earnings Call Transcript