Societe Generale Private Banking, in and out of France, posted record levels of assets under management (AuM) of €143bn in Q4 2023.

In 2023, Societe Generale Private Banking’s net asset gather pace rose by an average of 4% against 2022.

Furthermore, net banking banking income for Q4 2023 stood €355m, an increase of 1.4% year-on-year, and €1,470m for the year, 3.9% more than 2022.

Revenues for French retail, private banking and insurance, however, decreased by 14.3% in Q4 2023 year-on-year. This was attributed to the decline in net interest income which continued to be impacted by short-term hedges.

For the year overall, revenues were €8,023m, a 12.9% drop from 2022 for Societe Generale French retail, private banking and insurance. Operating income stood at €1,315m, an overwhelming drop of 43.2% from the previous year.

In an effort to streamline business processes and boost structural operational effectiveness, Societe Generale has disclosed plans to reorganise its head office in France, including 900 job cuts.

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Societe Generale has set a target to improve its cost/income ratio steadily and significantly, with the attainment of about €1.7bn ($1.8bn) in gross savings in 2026 compared with 2022, during the presentation of the group’s plan of action in September 2023.

Societe Generale CEO comment on 2023

Slawomir Krupa, group CEO, said: “2023 was a year of transition and transformation. The exceptional momentum of BoursoBank, 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 all strong proof points on our ability to execute at a high level. At the same time, while 2023 was negatively affected by a sharp decrease in net interest income in French Retail Banking and the elevated cost of integrating LeasePlan, it was also characterised by disciplined management of costs, risks and capital.

“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 by way of responsible, 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 unequivocal commitment to supporting the United Nations’ Sustainable Development Goals.

“We are entering 2024 with confidence and determination, a year that will see the meticulous execution of our strategic plan and an unwavering commitment to reach our financial targets, which will notably involve improved operational efficiency. We will provide precise, regular and transparent reports on our progress toward our announced 2026 objectives.”