Group Financial Performance - Group net income for 2024 reached EUR 4.2 billion, representing a 69% increase compared to 2023 [1] - Annual revenues amounted to EUR 26.8 billion, up by 6.7% from 2023, exceeding the target of ≥5% growth [1] - Cost-to-income ratio improved to 69.0%, below the target of <71% for 2024, due to stable operating expenses [1][15] - Return on Tangible Equity (ROTE) was 6.9%, surpassing the target of >6% for 2024 [1] - Common Equity Tier 1 (CET1) ratio stood at 13.3%, approximately 310 basis points above the regulatory requirement [1][24] Shareholder Distribution - Proposed distribution to shareholders increased by 75% compared to 2023, totaling EUR 1,740 million or EUR 2.18 per share [2][20] - A cash dividend of EUR 1.09 per share is to be proposed, alongside a share buyback program of EUR 872 million [5][20] - The payout ratio is set to increase to 50% of net income [6][20] 2025 Financial Targets - Revenue growth is targeted at more than 3% compared to 2024 [3] - Operating costs are expected to decrease by more than 1% compared to 2024 [3] - Cost-to-income ratio is aimed to improve to less than 66% in 2025 [3] - ROTE is projected to exceed 8% in 2025 [3] - CET1 ratio is expected to remain above 13% throughout 2025 [3] Business Segment Performance French Retail, Private Banking and Insurance - Net banking income increased by 15.5% to EUR 2.3 billion in Q4 24 compared to Q4 23 [30] - Net interest income rose by 36.2% to EUR 1.1 billion in Q4 24 [30] - Group net income from this segment reached EUR 360 million, up 4.0 times from Q4 23 [30] Global Banking and Investor Solutions - Revenues grew by 12.4% to EUR 2.5 billion in Q4 24 compared to Q4 23 [11][43] - Total revenues for 2024 reached EUR 10.1 billion, a 5.0% increase from 2023 [43] - Group net income for this segment was EUR 627 million, up 34.4% from Q4 23 [55] Mobility, International Retail Banking and Financial Services - Net banking income rose by 2.0% to EUR 2.1 billion in Q4 24 compared to Q4 23 [62] - Group net income for this segment was EUR 314 million, a 10.5% increase from Q4 23 [70] Cost Management - Operating expenses for the group were stable at EUR 4,595 million in Q4 24, down 1.5% from Q4 23 [14] - The cost-to-income ratio improved significantly from 78.3% in Q4 23 to 69.4% in Q4 24 [15] - Cost of risk decreased to 23 basis points in Q4 24, reflecting effective risk management [16][41]
Societe Generale: Fourth quarter & 2024 full year results