Quem não arrisca não petisca!

Com esta carta, hoje recebida, eu devia estar em festa por ser accionista de uma empresa tão bem sucedida. Mas na verdade eu estou triste, pois as acções não cessam de cair na Bolsa de Paris. No entanto, não há nada a fazer, vou esperar pelos dividendos e depois disso talvez me decida a vender e esquecer o prejuizo.

Muy mala suerte!!!

Dear shareholders,

After a year of transition and transformation, we are embarking on a year focused on the execution of a new strategic roadmap.

The year 2023 was a year of transition and transformation for the Group. The very robust momentum of BoursoBank, where client numbers exceeded the six million mark in January 2024, the strength of our Global Banking and Investor Solutions franchises, the performance of our international banking activities across all regions, plus the capacity of our new bank in France and Ayvens to implement unprecedented transformations are important reasons to be satisfied. 2023 was also marked by a sharp decrease in net interest income in French Retail Banking and the elevated cost of integrating LeasePlan, while still maintaining disciplined management of costs, risks and capital.

All told, the Group posted total revenues of EUR 25.1 billion. Group net income came to EUR 2.5 billion, up +37% vs. 2022.

At the same time, the Group’s Common Equity Tier 1 ratio stood at 13.1%1, or around 340 basis points above the regulatory requirement. Based on these performances, at the General Meeting of 22 May 2024 the Board of Directors will propose a distribution equivalent to EUR 1.25 per share2, which breaks down as a cash dividend of EUR 0.90 per share and a share buyback programme of EUR 280 million equivalent to EUR 0.35 per share.

Drawing on our new strategic and financial plan that was presented in September 2023, we are writing a new chapter in the history of the Group, which, for the last 160 years, has assisted millions of clients through long-term relationships. At their service day after day, we support their development and projects, and our contribution to their growth and to unlocking their potential is a source of pride for us.

Our ambition is to position Societe Generale among Europe’s top-tier, rock-solid and sustainable banks, and to create long-term value for all our stakeholders, including by an all-important commitment to act in line with the United Nations’ Sustainable Development Goals.

We are embarking with confidence and determination on 2024, which will be a year that sees the meticulous execution of our strategic plan and a total commitment to reaching our financial targets, which will notably involve improved operational efficiency. We will provide precise, regular and transparent reports on our progress.

Last, I wish to thank you for the trust you have placed in our Group, and for your long-term commitment by our side.

Slawomir Krupa

Chief Executive Officer