Société Générale net worth in 2024 reveals its financial strength. Ando Money dives deep into the financials, showcasing assets, revenue, and market cap. Get the full picture now!
Quick Facts
| FACT | DETAIL |
|---|---|
| Name | Société Générale |
| Full Name | Société Générale S.A. |
| Traded as | Euronext Paris: GLE CAC 40 Component |
| ISIN | FR0000130809 |
| Founded | 1864 |
| Founders | N/A |
| Country/Territory | France |
| Headquarters | Paris, France |
| Chief Executive Officer | Slawomir Krupa |
| Number of Employees | 131,293 |
| Market Cap | $19.05 billion |
| Total Assets | $1.70 trillion |
| Total Equity | $71.69 billion |
| Revenue | $7.10 billion (1Q’24) |
| Net Income | $726 million (1Q’24) |
What is the Net Worth/ Market Cap of Société Générale in 2024?
As of today, the market cap of Société Générale (SocGen) stands at $19.05 billion.
In comparison, Crédit Agricole boasts a significantly higher market cap of $42.23 billion. Barclays, another major player in the financial sector, has a market cap of $38.37 billion.
This positions SocGen behind these competitors in terms of market valuation.
Despite this, SocGen maintains a robust financial standing with substantial assets and equity, showcasing its solid foundation in the banking industry.
Société Générale Financial Performance Overview
SocGen’s financial performance in Q1 2024 remained stable. The bank reported quarterly revenues of $7.10 billion (EUR 6.6 billion), which showed a slight decline of 0.4% compared to Q1 2023.
This stability reflects strong performances across various divisions, including Global Banking and Investor Solutions, Private Banking, and International Retail Banking.
Analysis of Revenue Streams
The revenue streams of Société Générale are diverse. The Global Banking and Investor Solutions division contributed $2.79 billion (EUR 2.6 billion) to the total revenue.
Although there was a slight decline from Q1 2023, this division remains a crucial revenue generator.
International Retail Banking and Mobility Services also performed well, with revenues increasing by 3.9% to $2.30 billion (EUR 2.149 billion).
Cost Management and Efficiency
Cost management remains a focal point for SocGen. The cost-to-income ratio was 74.9% in Q1 2024, slightly improving from 75.8% in Q1 2023.
Operating expenses totaled $5.33 billion (EUR 4.980 billion), reflecting a 1.5% decrease.
This reduction is attributed to effective cost management and efficiency improvements, despite transformation costs of around $376 million (EUR 350 million).
Profitability and Net Income Analysis
The bank’s profitability metrics show a solid performance. Group net income for Q1 2024 was $726 million (EUR 680 million), despite the challenging economic environment.
Return on Tangible Equity (ROTE) was 4.1%, indicating efficient use of equity to generate profits.
Capital and Liquidity Position
SocGen maintains a robust capital and liquidity position.
The Common Equity Tier 1 (CET 1) ratio was 13.2%, significantly above the regulatory requirement. This strong capital buffer ensures the bank’s stability and resilience.
Additionally, the Liquidity Coverage Ratio (LCR) stood at 159%, and the Net Stable Funding Ratio (NSFR) was 117%, both well above the regulatory thresholds.
Risk Management and Provisions
Risk management is integral to Société Générale’s operations. The cost of risk was $428 million (EUR 400 million), equivalent to 27 basis points.
The bank’s provisions on performing loans amounted to $3.52 billion (EUR 3.286 billion), ensuring a strong coverage ratio for non-performing loans.
Strategic Initiatives and Future Outlook
SocGen is actively pursuing strategic initiatives to enhance its market position.
Key strategic disposals include Société Générale Equipment Finance and Société Générale Marocaine de Banques.
The launch of Bernstein, a new leader in research and cash equities, is expected to provide a competitive edge in the market.
These initiatives align with the bank’s long-term goals and are anticipated to drive future growth.
Position in the Market
In recognition of its stature, Société Générale ranked #249 on the Global 2000 list in 2024 and was named #37 among the World’s Top Companies for Women in 2023 by Forbes.
These accolades highlight the bank’s influence and commitment to diversity and inclusion.
Impact of Economic and Regulatory Environment
The economic and regulatory environment significantly impacts the bank’s performance.
European and global economic conditions, along with regulatory changes, influence the bank’s operations and financial health.
Société Générale’s compliance with regulations and adaptive strategies ensure its resilience in the dynamic financial landscape.
ESG Initiatives and Sustainable Finance
SocGen is committed to ESG initiatives. The bank aims to reduce carbon emissions in the aviation sector by 18% by 2030, compared to 2019 levels.
SocGen’s dedication to sustainable finance is evident in its partnerships and projects, reinforcing its commitment to the United Nations’ Sustainable Development Goals.
FAQs about Société Générale
What is Société Générale’s history and origin?
The bank was founded in 1864 in France. It was created to support industrial growth. Today, it is one of Europe’s top financial services groups.
What services does Société Générale offer?
SocGen provides many services. These include retail banking, corporate and investment banking, asset management, private banking, and securities services.
How did Société Générale perform in Q1 2024?
In Q1 2024, SocGen had strong results. Net banking income was EUR 6.4 billion. Net income was EUR 868 million. The group showed resilience.
What is SocGen’s global presence?
SocGen operates in 66 countries. It serves over 29 million clients worldwide. It has a strong presence in Europe, the Americas, Asia, and Africa.
What are the main subsidiaries of SocGen?
SocGen has key subsidiaries. These include Boursorama (an online bank), ALD Automotive (vehicle leasing), and Lyxor Asset Management. These enhance its services.
What are the strategic priorities of SocGen?
It focuses on sustainable growth, digital transformation, and operational efficiency. It aims to lead in sustainable finance and innovate with digital solutions.
What measures is SocGen taking for sustainability?
The bank is committed to sustainability. It aims to reduce its carbon footprint and support green financing. It aligns its activities with the Paris Agreement.
How is SocGen leveraging technology?
The bank invests in digital transformation. It uses AI and blockchain to improve customer experience and operational efficiency. It develops innovative financial products.
What is SocGen’s approach to risk management?
Risk management is crucial for SocGen. It has strong frameworks to monitor and mitigate risks. It emphasizes risk awareness and control.
*Conversion rate: €1= $1.07
How does SocGen support its employees?
SocGen values its employees. It offers training programs and career development. It promotes diversity and inclusion.
Conclusion
Société Générale net worth highlights its strong financial standing in 2024. For a detailed analysis about the prominent international banks, visit andomoney.com.
