Investor Presentaiton
NET INTEREST MARGIN UNDER PRESSURE BEFORE A REBOUND
IN 2024
KEY CONSIDERATIONS
Specificities of the French retail market: impact of regulated
savings (~EUR -400m) and of the usury rate on loans
End of the benefit of the TLTRO (~EUR -300m)
Benefit from positive rates on deposits temporarily offset in
2023 due to short-term hedging policy
Materialisation of positive rates starting in 2024 as hedges
progressively mature.
MAIN ASSUMPTIONS
Evolution of loan and deposit outstandings in line with
current environment
Trajectory based on March 2023 forward rates
SOCIETE
GENERALE
_French retail banking expected net interest margin
FY 22 Regulated Loans TLTRO
savings
Deposits
Other
FY23
FY24
& Hedging
1ST QUARTER 2023 RESULTS | 12 MAY 2023View entire presentation