Full Year 2022 Societe Generale SA Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Delphine Lee - JPMorgan Chase & Co, Research Division - Analyst : I just wanted to follow up on Flora's question on French retail. So I'm just wondering -- it just feels like if you have 2022 level for 2024 in French retail revenue, it sounds like you don't get much impact from rates, which is a bit surprising because you do have sensitivity to rates. So just trying to understand a little bit the contribution we should expect from the move we've seen in the market on rates. So where should that come through? And how much of the year can we expect? I think some of your peers have given a bit more quantified guidance. So if you could help us on this. And my second question is on the payout ratio. There's been some press articles talking about the ECB inviting banks to kind of caution and prudent payout. Is that reduction in the payout ratio to 37% sort of coming from the ECB? Or -- I just wanted to get some color on this. And is -- what can you tell us about your commitment for future years? Is that still 50%? And in terms of mix, do you still prioritize dividends over buyback?

Question: Kirishanthan Vijayarajah - HSBC, Research Division - Analyst : Just a couple of questions from my side. I noticed in a couple of your retail divisions, France, Czech Republic, seeing some contraction in deposit balances. So really, what's the driver there? Are you seeing a switch away from deposits into other product areas? Or is it a more boring trend where households, SMEs are having to round down cash balances? So just some color there. Is it more of a trend or just maybe a bit of a blip? And then on CIB, after the Bernstein deal closes, I wonder, Slawomir, are there any other product, segments or geographies where you think a bolt-on deal might make sense for the strategy in CIB? Or is it now a case that the Bernstein thing was just an opportunistic deal that sort of came your way, and we should think of that more as an outlier rather than a kind of trend to think about going forward?

Question: Jonathan Matthew Balfour Clark - Mediobanca - Banca di credito finanziario S.p.A., Research Division - Analyst : A couple of questions. Firstly, on the GBIS cost plan. I think you had EUR 450 million of cost saves planned from a couple of years ago. Could you just confirm how much of that has already been achieved in 2022? How much is left to come in 2023? And then a follow-up question on French Retail Banking revenues and the deposit hedging you described. I mean, from the outside, it's quite hard to understand a hedging policy where you see nothing in year 1 and then it all comes in year 2 and year 3. Is that the right way to think about it? Or are we -- should we see maturing hedges benefiting the P&L there well beyond 2025? Maybe you could just explain how you hedge your deposits in the French Retail Banking division, would be the easiest way to address it.