Societe Generale S.a. Class A · EURONEXT:GLE
Societe Generale S.a. Class A — Q1 2017 Earnings Presentation
65 slides from Societe Generale S.a. Class A's earnings presentation, May 4, 2017
Slide 1: Group Results 1st Quarter 2017
S O C I E T E G E N E R AL E GRO UP RESULT S 1 ST QUART ER 2017 04.05.2017
Slide 2: Disclaimer
DISCLAIMER This presentation contains forward-looking statements relating to the targets and strategies of the Societe Generale Group. These forward-looking statements are based on a series of assumptions, both general and specific, in particular the application of accounting principles and methods
Slide 3: Introduction
INTRODUCTION SOCIETE GENERALE BUILDING TEAM SPIRIT
Slide 4: Q1 17: Robust commercial and financial performance from core businesses
1 – I NTRO DUCTI O N Q1 17: ROBUST COMMERCIAL AND FINANCIAL PERFORMANCE FROM CORE BUSINESSES Revenues from Core Businesses up +4.0% Core Businesses NBI vs. Q1 16 Good momentum in International Retail Banking and Financial Services and Global Banking and Investor Solutions EUR 6.5bn +4.0% Costs in li
Slide 5: Group
SOCIETE BUILDING TEAM SPIRIT GENERALE TOGETHER
Slide 6: Capturing growth from a balanced business model
2 - GROUP CAPTURING GROWTH FROM A BALANCED BUSINESS MODEL… Core Businesses Net Banking Income (in EUR m) Fast growth in International Retail Banking and Financial 6,427 6,518 6,266 Services and solid revenues in Global Banking and Investor Solutions more than compensate impact of low 40% 2,590 2,357
Slide 7: Fostering revenues derived from synergies
2 – G RO UP ...FOSTERING REVENUES DERIVED FROM SYNERGIES... Synergy Revenues up +58% since 2011 Revenues derived from synergies: EUR 7.7bn (in EUR bn and as a % of Group NBI(1)) Up +6% in 2016 vs. 2015, representing 30% of Group revenue(1) 29% 30% 27% 25% 22% 7,7 20% 7,2 6,2 6,5 5,3 Benefiting from
Slide 8: While keeping strict control of costs
2 - GROUP …WHILE KEEPING STRICT CONTROL OF COSTS French Retail Banking Group Operating Expenses(1) (in EUR m) Operating Expenses (in EUR m) 343 Transforming the model SRF Costs 277 +2% SRF Costs 38 +2% 50 Group Costs excl. 4,225 4,301 SRF French Retail 1,387 1,411 Banking Costs excl. SRF Q1 16 Q1 17
Slide 9: Low cost of risk in Q1 17
2 – G RO UP LOW COST OF RISK IN Q1 17 French Retail Banking 35 33 36 39 31 Commercial Cost Low cost of risk on retail portfolio, stable on Corporates of Risk (bp) Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 International Retail Banking and Financial Services 74 64 67 53 35 Improved cost of risk across businesses
Slide 10: Solid balance sheet
2 – G RO UP SOLID BALANCE SHEET CET1(1) at 11.6%, up +10bp vs. Q4 16 Change in Fully Loaded CET1(1) ratio (in bp) Circa 400bp buffer above SREP requirement Hybrid coupons -3bp -8bp +5bp -4bp +20bp 11.5% 11.6% Q4 16 Earnings Dividend RWA Others Q1 17 provision Breakdown of Solvency Ratios (in %) TLAC
Slide 11: Group net income up +50.0% vs. Q1 16
2 – G RO UP GROUP NET INCOME(2) UP +50.0% VS. Q1 16 Solid operating performance: In EUR m Q1 17 Q1 16 Change NBI from Core Businesses up +4.0% Net banking income 6,474 6,175 +4.8% +3.6%* Strong growth from International Retail Banking and Financial Services and good performance of Global Net b ankin
Slide 12: Business Results
3 BUSINESS RESULTS SOCIETE GENERALE BUILDING TEAM SPIRIT
Slide 13: Strong commercial momentum in Q1 17
3 – BUS I NE SS RES UL TS - FRE NCH RE TA I L BA NKI NG STRONG COMMERCIAL MOMENTUM IN Q1 17 Dynamic client acquisition Solid growth in credit & deposits outstanding Loan Production Q1 17 Outstanding(1) New business customers +7.7% vs Q1 16 ~1,300 at end Q1 17 Business customers Loans Investment Loan
Slide 14: Deep transformation of French Retail Banking
3 – BUS I NE SS RES UL TS - FRE NCH RE TA I L BA NKI NG DEEP TRANSFORMATION OF FRENCH RETAIL BANKING New client journey: increased autonomy on day-to-day c New services and growth drivers banking transactions ~700 self service areas implemented for Société Generale Account aggregator proposed by the
Slide 15: Resilient results in the current low interest rate context
3 – BUS I NE S S RE SUL T S - FRE NCH RE TA I L B A NKI NG RESILIENT RESULTS IN THE CURRENT LOW INTEREST RATE CONTEXT Net Banking Income(1) (in EUR m) NBI(1) down -2.3 % in Q1 17 2,107 2,087 2,059 2,090 2,058 Continued pressure on net interest margin(1) (-7.2% vs. Q1 16), driven by impact of negativ
Slide 16: Sustainable growth in all businesses
3 – B USI NES S RE SUL T S - I NT ERNA TI O NA L RE TA I L BA NK I NG AND FI NANCI AL SE RV I CE S SUSTAINABLE GROWTH IN ALL BUSINESSES Loans and Deposits Outstanding (in EUR bn – change vs. end-Q1 16, in %*) International Retail Banking +7.9%* 85.5 77.9 +8.3%* Total Dynamic loan growth in Europe (+
Slide 17: Partnering for the future
3 – BUS I NE SS RES UL TS - I NT ERNA TI O NA L RET AI L B ANK I NG A ND FI NANCI A L S E RVI CES PARTNERING FOR THE FUTURE French Fintech and African Mobile Banking Africa: Developing the footprint to capture upside Banking penetration(1) Deploying digital strategy Building distribution partnership
Slide 18: Delivering profitable growth
3 – B US I NE SS RES UL T S - I NT ERNA T I O NA L RE T AI L B A NKI NG AND FI NANCI AL S ERV I CE S DELIVERING PROFITABLE GROWTH Contribution to Group Net Income (in EUR m) Positive jaws Steady revenue growth: up +5.0%* vs.Q1 16 148 300 433 Total Operating expenses under control up +2.1%* vs. Q1 16
Slide 19: Quarterly performance further highlights robust business model
3 – BUSI NESS RESU L TS – G L O BAL BANKI NG AND I NVESTO R SO L UT I O NS QUARTERLY PERFORMANCE FURTHER HIGHLIGHTS ROBUST BUSINESS MODEL Global Markets and Investor Services Net Banking Income (in EUR m) NBI +8.3% vs. Q1 16 Equities +4.1%: Continued improvement on structured 2,357 2,435 2,292 2,225
Slide 20: Increased profitability
3 – BUSI NESS RESUL T S - G L O BAL BANKI NG AND I NVESTO R SO L UTI O NS INCREASED PROFITABILITY Contribution to Group Net Income(1) (EUR m) and RONE(1) 10.1% 15.3% Net Banking Income up +5.4% vs. Q1 16 Asset and 18 Wealth Management 157 Financing 25 and Advisory 61 Operating expenses(1) -0.6% vs.
Slide 21: Corporate Centre
3 – BUSI NESS RESU L TS – CO RPO RAT E CEN TRE CORPORATE CENTRE Corporate Centre Results NBI impact of revaluation of own financial liabilities EUR +25m in Q1 17 vs. EUR +145m in Q1 16 In EUR m Q1 17 Q1 16 Net banking income (44) (91) Net b anking income (1) (69) (236) GOI excluding revaluation of o
Slide 22: Conclusion
CONCLUSION SOCIETE GENERALE BUILDING TEAM SFA
Slide 23: Q1 17: Confirmed capacity for growth and profitability
4 – CO NCL USI O N Q1 17: CONFIRMED CAPACITY FOR GROWTH AND PROFITABILITY Q1 17: Good performance in all businesses Continued structural transformations In 2017: New simplified organisation with even higher focus on customer satisfaction, agility and compliance Groupwide roll-out of the Culture and
Slide 24: Key Figures
KEY FIGURES SOCIETE GENERALE BUILDING TEAM SPIRIT
Slide 25: Key Figures
5 – KEY FI G URES KEY FIGURES Q1 17 Change Q1 vs. Q4 Change Q1 vs. Q1 In EUR m Net banking income 6,474 +5.6% +4.8% Operating expenses (4,644) +5.6% +8.4% Net cost of risk (627) +29.0% +19.7% Reported Group net income 747 +91.5% -19.2% ROE (after tax) 5.2% ROE* 5.1% Earnings per Share* 0.76 Net Tang
Slide 26: Supplement
SUPPLEMENT SOCIETE GENERALE BUILDING TEAM SFintT
Slide 27: Table of Contents
6 – SUPPLEMENT TABLE OF CONTENTS Societe Generale Group International Retail Banking and Financial Services Quarterly income statement by core business 28 International Retail Banking and Financial Services - Quarterly results 40 Quarterly non economic and other important items 29 Quarterly results
Slide 28: Quarterly income statement by core business
6 – SUPPLEMENT - SOCIETE GENERALE GROUP QUARTERLY INCOME STATEMENT BY CORE BUSINESS International Retail Banking and Global Banking and Investor French Retail Banking Corporate Centre Group Financial Services Solutions In EUR m Q1 17 Q1 16 Q1 17 Q1 16 Q1 17 Q1 16 Q1 17 Q1 16 Q1 17 Q1 16 Net banking
Slide 29: Quarterly non economic and other important items
6 – SUPPLEMENT - SOCIETE GENERALE GROUP QUARTERLY NON ECONOMIC AND OTHER IMPORTANT ITEMS In EUR m Net Banking Operating Q1 17 Incom e Expenses Others Cost of Risk Group Net Incom e Revaluation of ow n financial liabilities* 25 17 Corporate Centre Accounting impact of DVA* (3) (2) Group Provision for
Slide 30: IFRIC 21 and SRF impact
6 – SUPPLEMENT - SOCIETE GENERALE GROUP IFRIC 21 AND SRF IMPACT International Retail Global Banking and French Retail Banking Banking and Financial Corporate Centre Group Investor Solutions Services In EUR m Q1 17 Q1 16 Q1 17 Q1 16 Q1 17 Q1 16 Q1 17 Q1 16 Q1 17 Q1 16 Total IFRIC 21 Impact - costs (9
Slide 31: CRR/CRD4 prudential capital ratios
6 – SUPPLEMENT - SOCIETE GENERALE GROUP CRR/CRD4 PRUDENTIAL CAPITAL RATIOS Fully loaded common Equity Tier 1, Tier 1 and Total Capital In EUR bn 31/03/2017 31/12/2016 Shareholder equity Group share 62.2 62.0 Deeply subordinated notes* (10.6) (10.7) Undated subordinated notes* (0.3) (0.3) Dividend to
Slide 32: CRR leverage ratio
6 – SUPPLEMENT - SOCIETE GENERALE GROUP CRR LEVERAGE RATIO CRR fully loaded leverage ratio(1) In EUR bn 31/03/2017 31/12/2016 Tier 1 Capital 50.8 51.5 Total prudential balance sheet (2) 1,286 1,270 Adjustement related to derivative exposures (95) (112) Adjustement related to securities financing tra
Slide 33: Risk-weighted assets
6 – SUPPLEMENT - RISK MANAGEMENT RISK-WEIGHTED ASSETS* (CRR/CRD 4, IN EUR BN) 96.1 97.3 97.2 105.7 112.7 113.8 133.2 131.0 128.9 16.1 14.4 13.9 351.2 355.5 353.8 Total 28.3 29.3 Operational 29.3 7.0 43.9 44.4 44.4 Market 7.0 0.0 0.0 Credit 7.5 18.4 16.9 17.8 4.8 4.8 4.8 0.0 17.7 0.0 0.0 16.5 0.1 17.
Slide 34: Change in gross book outstandings
6 – SUPPLEMENT - RISK MANAGEMENT CHANGE IN GROSS BOOK OUTSTANDINGS* End of period in EUR bn 448.6 448.5 462.3 462.4 461.2 461.4 461.4 467.4 486.4 477.5 477.6 479.1 483.1 Total Global Banking and Investor Solutions 156.9 154.1 154.0 152.2 155.8 142.7 142.6 141.7 138.0 143.9 136.8 127.7 International
Slide 35: Non performing loans
6 – SUPPLEMENT - RISK MANAGEMENT NON PERFORMING LOANS In EUR bn 31/03/2017 31/12/2016 31/03/2016 Gross book outstandings* 483.1 479.1 467.4 Doubtful loans* 23.3 23.9 24.7 Group Gross non performing loans ratio* 4.8% 5.0% 5.3% Specific provisions* 13.5 13.7 14.4 Portfolio-based provisions* 1.5 1.5 1.
Slide 36: Change in trading VaR and stressed VaR
6 – SUPPLEMENT - RISK MANAGEMENT CHANGE IN TRADING VAR* AND STRESSED VAR Quarterly average of 1-day, 99% Trading VaR* (in EUR m) 24 19 23 20 20 21 21 22 30 Trading VaR* 8 6 7 8 12 11 8 Credit 7 8 18 15 24 15 16 Interest Rates 15 16 17 14 14 13 19 Equity 14 14 12 14 12 16 5 6 4 Forex 4 3 2 3 5 5 3 2
Slide 37: Change in net banking income
6 – SUPPLEMENT - FRENCH RETAIL BANKING CHANGE IN NET BANKING INCOME 2,083 2,100 2,042 2,043 2,177 2,056 NBI in EUR m 180 Financial Fees 191 177 174 210 Commissions: +4.8% vs. Q1 16 681 Service Commissions 668 671 672 690 123 Other 106 100 71 46 Business Customer 495 499 494 505 Interest Margin 506 I
Slide 38: Customer deposits and financial savings
6 – SUPPLEMENT - FRENCH RETAIL BANKING CUSTOMER DEPOSITS AND FINANCIAL SAVINGS Average outstandings Change in EUR bn Q1 17 vs. Q1 16 298.2 302.6 +6.6% 283.9 289.3 295.2 Financial savings: Life insurance EUR 110.8bn 90.7 91.4 +2.1% +3.0% 90.5 89.5 90.0 19.1 +9.3% Mutual funds 17.4 19.7 16.3 0.5 0.4 0
Slide 39: Loans outstanding
6 – SUPPLEMENT - FRENCH RETAIL BANKING LOANS OUTSTANDING Average outstandings, net of provisions Change in EUR bn Q1 17 vs. Q1 16 182.4 183.0 183.8 184.0 184.2 +1.0% Individual Customers o.w.: 92.2 92.2 92.9 93.6 93.9 +1.8% Housing Consumer credit 10.9 10.9 10.9 11.1 11.0 +1.2% and overdraft Busines
Slide 40: International Retail Banking and Financial Services – Quarterly results
6 – SUPPLEMENT - INTERNATIONAL RETAIL BANKING AND FINANCIAL SERVICES INTERNATIONAL RETAIL BANKING AND FINANCIAL SERVICES – QUARTERLY RESULTS International Retail Banking Insurance Financial Services to corporates Other Total In EUR m Q1 17 Q1 16 Change Q1 17 Q1 16 Change Q1 17 Q1 16 Change Q1 17 Q1
Slide 41: Quarterly results of International Retail Banking: breakdown by region
6 – SUPPLEMENT - INTERNATIONAL RETAIL BANKING AND FINANCIAL SERVICES QUARTERLY RESULTS OF INTERNATIONAL RETAIL BANKING: BREAKDOWN BY REGION Total International retail Western Europe Czech Republic Romania Other Europe Russia (1) Africa and others Banking In M EUR Q1 17 Q1 16 Q1 17 Q1 16 Q1 17 Q1 16
Slide 42: Loan and deposit outstandings breakdown
6 – SUPPLEMENT - INTERNATIONAL RETAIL BANKING AND FINANCIAL SERVICES LOAN AND DEPOSIT OUTSTANDINGS BREAKDOWN Loan outstandings breakdown Deposit outstandings breakdown (in EUR bn) (in EUR bn) Change Change March 17 vs. March 16 March 17 vs. March 16 o.w. Equipment 1.0 Finance(1) -18.8%* 16.5 +5.9%*
Slide 43: Insurance key figures
6 – SUPPLEMENT - INTERNATIONAL RETAIL BANKING AND FINANCIAL SERVICES INSURANCE KEY FIGURES Life insurance outstandings Personal protection insurance premiums and unit linked breakdown (in EUR bn) (in EUR m) Change Q1 17 vs. Q1 16 95.2 95.8 97.0 98.3 98.8 233 +6.8%* 216 222 220 224 21% 21% 22% 23% 25
Slide 44: SG Russia
6 – SUPPLEMENT - INTERNATIONAL RETAIL BANKING AND FINANCIAL SERVICES SG RUSSIA(1) SG Russia results In EUR m Q1 17 Q1 16 Change Net banking income 195 158 -6.2%* Operating expenses (162) (122) +0.8%* Gross operating income 33 36 -30.0%* Net cost of risk (21) (58) -73.0%* Operating income 12 (22) n/s
Slide 45: Global Banking and Investor Solutions – Quarterly results
6 – SUPPLEMENT - GLOBAL BANKING AND INVESTOR SOLUTIONS GLOBAL BANKING AND INVESTOR SOLUTIONS – QUARTERLY RESULTS Global Markets and Investor Financing and Advisory Asset and Wealth Management Total Global Banking and Investor Solutions Services Q1 17 Q1 16 Change Q1 17 Q1 16 Change Q1 17 Q1 16 Chang
Slide 46: Risk-weighted assets in EUR bn
6 – SUPPLEMENT - GLOBAL BANKING AND INVESTOR SOLUTIONS RISK-WEIGHTED ASSETS IN EUR BN Global Markets and Investor Services Global Markets Investor Services 59.5 59.2 57.9 12.5 10.9 11.7 3.2 19.5 20.2 19.5 3.7 0.1 3.3 0.0 0.0 16.7 15.2 16.0 9.2 7.5 7.9 23.3 23.8 22.4 T1-16 T4-16 T1-17 T1-16 T4-16 T1-
Slide 47: Global Banking and Investor Solutions - Revenues
6 – SUPPLEMENT - GLOBAL BANKING AND INVESTOR SOLUTIONS GLOBAL BANKING AND INVESTOR SOLUTIONS - REVENUES Global Markets and Investor Services revenues (in EUR m) Asset and Wealth Management revenues (in EUR m) Prime 176 Services 7 6 3 5 Others 161 176 163 Securities 8 135 42 44 159 149 Services 43 46
Slide 48: Key figures
6 – SUPPLEMENT - GLOBAL BANKING AND INVESTOR SOLUTIONS KEY FIGURES Private Banking: Assets under management(1) (in EUR bn) Lyxor: Assets under management(2) (in EUR bn) 117 119 116 119 101 101 103 106 107 110 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Securities Services: Assets und
Slide 49: CVA/DVA impact
6 – SUPPLEMENT - GLOBAL BANKING AND INVESTOR SOLUTIONS CVA/DVA IMPACT NBI impact Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Equities (12) (11) 26 8 19 Fixed income,currencies,commodities (8) (4) 29 23 27 Financing and Advisory 0 (8) 18 19 18 Total (20) (23) 73 50 64 1ST QUARTER 2017 RESULTS 04.05.2017 49
Slide 50: Awards
6 – SUPPLEMENT - GLOBAL BANKING AND INVESTOR SOLUTIONS AWARDS Financing and Advisory Global Markets and Investor Services DCM - League Table DCM - League Table #6 All Euro Bonds #9 All Euro Bonds #6 All Euro Corporate Bonds #5 All Euro Corporate Bonds #2 All EMEA Euro Corporate Bonds #2 All EMEA Cor
Slide 51: Landmark transactions in Q1 17
6 – SUPPLEMENT - GLOBAL BANKING AND INVESTOR SOLUTIONS LANDMARK TRANSACTIONS IN Q1 17 Oman Shipping Company, owned by the Sultanate of Oman, raised Societe Generale acted as Joint Bookrunner and Hedge Provider USD 227m to finance the purchase of 10 new Medium Range for the USD 500m Michelin Non-Dilu
Slide 52: Group funding structure
6 – SUPPLEMENT - FUNDING GROUP FUNDING STRUCTURE 3131DECEMBER 2016* December 2016 31 31MARS March2017 2017 Due to customers 416 421 Due to banks o.w. Securities sold to customer under repurchase 25 24 agreements 83 95 Financial liabilities at fair value through profit o.w. Securities sold to 5 banku
Slide 53: Long term funding programme
6 – SUPPLEMENT - FUNDING LONG TERM FUNDING PROGRAMME Parent company 2017 funding programme EUR 24.9bn Including EUR 17.1bn of structured notes Completed at 43% at 19th April 2017 (EUR 10.8bn, including 67% of structured notes) Competitive funding conditions: MS6M+31bp, average maturity of 4.9 years
Slide 54: Funded balance sheet
6 – SUPPLEMENT - FUNDING FUNDED BALANCE SHEET* In EUR bn Long Term Funding Breakdown(1) ASSETS LIABILITIES 31.03.17 754 754 55 Short term resources Net central bank 104 11 Other 2% deposit 14% 17% Interbank loans 33 Medium/long term 165 Client related trading Resources** assets 95 Securities 15% EUR
Slide 55: Short term wholesale funding
6 – SUPPLEMENT - FUNDING SHORT TERM WHOLESALE FUNDING Share of short term wholesale financing Short term wholesale resources* (in EUR bn) in the funded balance sheet* and short term needs coverage** (%) 214% 222% 204% 207% 195% 185% 169% 9% 8% 8% 58 55 55 58 55 7% 7% 7% 52 6% 47 2014 2015 Q1 16 Q2 1
Slide 56: Liquid asset buffer
6 – SUPPLEMENT - FUNDING LIQUID ASSET BUFFER Liquid asset buffer (in EUR bn) 166 175 156 168 157 64 Central Bank 73 deposits(1) 98 64 84 91 High quality liquid 78 79 asset securities(2) 64 64 Central Bank eligible 11 13 14 16 8 assets(2) Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Liquidity Coverage Ratio at 138%
Slide 57: EPS calculation
6 – SUPPLEMENT - SHARE EPS CALCULATION Average number of shares (thousands) Q1 17 2016 2015 Existing shares 807,714 807,293 805,950 Deductions Shares allocated to cover stock option plans 4,357 4,294 3,896 and free shares awarded to staff Other ownshares and treasury shares 3,249 4,232 9,551 Number
Slide 58: Net asset value, tangible net asset value
6 – SUPPLEMENT - SHARE NET ASSET VALUE, TANGIBLE NET ASSET VALUE End of period Q1 17 2016 2015 Shareholders' equity Group share 62,222 61,953 59,037 Deeply subordinated notes (10,556) (10,663) (9,552) Undated subordinated notes (294) (297) (366) Interest net of tax payable to holders of deeply subor
Slide 59: Reconciliation of shareholders equity to ROE equity
6 – SUPPLEMENT - SHARE RECONCILATION OF SHAREHOLDERS EQUITY TO ROE EQUITY End of period Q1 17 2016 2015 Shareholders' equity Group share 62,222 61,953 59,037 Deeply subordinated notes (10,556) (10,663) (9,552) Undated subordinated notes (294) (297) (366) Interest net of tax payable to holders of dee
Slide 60: Methodology (1/5)
6 – TECHNICAL SUPPLEMENT METHODOLOGY (1/5) 1 – The Group’s consolidated results as at March 31st, 2017 were approved by the Board of Directors on May 3rd, 2017. The financial information presented in respect of Q1 ended March 31st, 2017 has been prepared in accordance with IFRS as adopted in the Eur
Slide 61: Methodology (2/5)
6 – TECHNICAL SUPPLEMENT METHODOLOGY (2/5) (In EUR M) Q1 17 Q1 16 Net Cost of Risk 149 167 French Retail Gross loan outstandings 190,360 188,236 Banking Cost of Risk in bp 31 35 Net Cost of Risk 110 215 International Retail Gross loan outstandings 124,703 116,408 Banking Cost of Risk in bp 35 74 Net
Slide 62: Methodology (3/5)
6 – TECHNICAL SUPPLEMENT METHODOLOGY (3/5) 11- Funded balance sheet, loan/deposit ratio, liquidity reserve The funded balance sheet is based on the Group financial statements. It is obtained in two steps: - A first step aiming at reclassifying the items of the financial statements into aggregates al
Slide 63: Methodology (4/5)
6 – TECHNICAL SUPPLEMENT METHODOLOGY (4/5) In EUR bn ASSETS LIABILITIES Accounting financial statement Q1 17 Economic balance sheet Q1-17 Accounting financial statement Q1 17 Economic balance sheet Q1-17 Cash, due from central banks 109 Due to central banks 5 Cash, due from central banks 109 Insuran
Slide 64: Methodology (5/5)
6 – TECHNICAL SUPPLEMENT METHODOLOGY (5/5) In EUR bn Economic balance sheet Q1-17 Funded balance sheet Q1-17 Variations Cash, due from central banks 109 Net central bank deposits 104 -5 Interbank loans 33 Interbank loans 33 Trading securities 104 Client related trading assets 95 -8 AFS and HTM secur
Slide 65: Societe Generale Investor Relations
SOCIETE GENERALE INVESTOR RELATIONS +33 (0)1 42 14 47 72 [email protected] www.societegenerale.com/en/investors