Societe Generale reported a group net income of EUR 3.1 billion for the first half of 2025, marking a 71% increase compared to the same period in 2024. The company also announced an upgrade to its financial targets for 2025 and introduced new shareholder distribution measures.
Group revenues reached EUR 13.9 billion in the first half of 2025, representing an increase of 8.6% from the previous year when excluding asset disposals. This performance surpassed Societe Generale’s annual revenue growth target of over 3% for the year.
Operating costs decreased by 2.6% year-on-year, also excluding asset disposals, outpacing the initial annual target of a reduction greater than 1%. The cost/income ratio stood at 64.4%, which is below the initial annual target set at less than 66%.
Asset quality remained strong with a low cost of risk at 24 basis points in H1 2025, undercutting the targeted range of between 25 and 30 basis points for the full year.
Return on tangible equity (ROTE) reached 10.3%, exceeding Societe Generale’s original goal of more than 8%. In the second quarter alone, group net income was EUR 1.5 billion—an increase of 31% compared to Q2 last year—with a cost/income ratio at 63.8%.
Given these results, Societe Generale raised its targets for the rest of the year: it now expects its cost/income ratio to fall below 65% and ROTE to be around 9% in full-year results.
The bank will begin distributing excess capital through an additional share buy-back program totaling EUR 1 billion, set to launch on August 4, 2025. Following this operation, Societe Generale’s CET1 ratio stands at 13.5%, approximately 330 basis points above regulatory requirements.
Additionally, starting in October 2025, Societe Generale will introduce an interim cash dividend each fourth quarter; for H1 2025 this amounts to EUR 0.61 per share payable on October 9.
Slawomir Krupa, Group Chief Executive Officer, stated:
“We are once again reporting strong results this quarter with a solid commercial and financial performance in all our businesses. Revenue growth, cost reduction, cost income ratio and profitability improvement: we are ahead of all our annual targets for the first half of the year, and we have revised them upwards for the full year 2025. With a high capital ratio, well above our target, we decided to provide an additional distribution to shareholders in the form of a share buy-back and to introduce an interim dividend for the first half of 2025. I would like to thank all our teams for their commitment to our clients and to our Bank. We remain fully focused on the precise and methodical execution of our 2026 roadmap to continue delivering sustainable and profitable growth for all our stakeholders.”
The total contemplated distribution accrual is set at EUR 1.77 per share at end-H1 25 based on a payout ratio that splits returns between dividends and share buy-backs.