Societe Generale SA Q3 2021 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 : So my first question would be on revenues and the outlook. Clearly, this year, you've had a great bounce back with 10% increase in revenues from a low base. I'm just wondering sort of how we should think about '22? I think FrTdTric, you made some comments, I think, recently about a more moderate growth going forward. So if you could give us a bit more color around the moving parts around how you're thinking about growth for '22? And then my second question is on Basel IV. Just to clarify your comment that the impact could be a little bit better. Is it possible to get the EUR 1 billion number? I think I recall it used to be EUR 39 billion. How much of that is (inaudible) and where is the improvement coming from? If you just give us a bit more of the split of the impact that would be quite helpful. And just a real like when is the Investor Day next year, if -- you tell me ask.

Question: Omar Fall - Barclays Bank PLC, Research Division - Analyst : Just on French Retail loan growth. Mortgages is still quite good, but are you seeing signs of a floor on the SME side potentially already in Q4? Or do you think we have to wait for next year for that? And then on that same basis, could you just reupdate us on the NII sensitivity at the group, which is mainly driven by French Retail. So last quarter, you told us plus 10 bps is plus EUR 60 million year 1, and that's what's in your annual report. Does that still stand? And then second part of the question is just going back to ALD, just to confirm why spend any capital at SG level, if you will be spending capital at SG level of buying these kinds of assets significantly above their book value when you could just buy your own shares at half of your book value?

Question: Omar Fall - Barclays Bank PLC, Research Division - Analyst : And just as a cheeky follow-up, could you give us specifically any sensitivities for Komercni of these policy changes I guess we could ask?

Question: Jonathan Matthew Balfour Clark - Mediobanca - Banca di credito finanziario S.p.A., Research Division - Analyst : A couple of questions, please. Firstly, on French Retail, could you quantify the components of the net interest income this quarter that came from catch-up of previous unaccrued TLTRO bonus benefit, i.e., that won't be there in coming quarters to help us get a better idea of the run rate? And also as a related question, could you give us a kind of mark-to-market for where your TLTRO eligible loan growth is versus that second hurdle, just given the corporate lending in French Retail Banking has slipped backwards a bit. Presumably, you're still very comfortable that you're going to meet that hurdle if you're booking that benefit already. Then second question is on the Financing & Advisory division where there was quite a big uptick in capital allocation this quarter. Is that something -- is that just a lumpy increase this quarter that will slip back? Do you expect to continue to see the capital allocation grow in that division? Any comment there? And then a final question just on overall capital levels. I think you've guided to 200 to 250 basis point buffer over MDA. Given where you are currently, given the lower Basel IV impact, given that your MDA as a ratio or your SREP requirement as the ratio should be going down in absolute -- in ratio terms. When will you reconsider what to do with what seems to be a fairly healthy surplus over that prospective level? When do you think it's the right time to take a step back and think about whether you have more capital to play with, whether it's capital return or investment?

Question: Kirishanthan Vijayarajah - HSBC, Research Division - Analyst : A couple of related questions on Global Markets, if I may, so I guess, mainly for Slawomir. So firstly, just with all this kind of post-Brexit trade tension we're seeing, I wonder if in recent months, you're seeing increased pressure from European regulators to move more of your trading activities back into the Eurozone away from London? And then secondly, linked to that, how are you finding at the moment, kind of global market staff retention and wage pressures, particularly in Paris because I imagine all the other big U.S. international banks may be moving more of their front office staff to Paris. And presumably kind of you guys are one of the places those kinds of competitors want to hire from, particularly, they've got -- they're also having buoyant revenues at the moment. So what are you seeing in terms of wage pressures, staff retention in global markets, please? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 04, 2021 / 9:30AM, SOGN.PA - Q3 2021 Societe Generale SA Earnings Call