SocGen aims for 13%-14% ROTE in 2029, new strategic plan shows

Société Générale set 2029 targets in a strategic plan, following a 2023 transformation that lifted financial performance. Cost base forecast below EUR 16.3 billion by 2029, about 2% lower than the estimated 2026 level. Group revenue expected to grow about 3% per year on average from 2026e to 2029. 2029 cost-to-income ratio seen below 55% with cost of risk targeted at 25-30 bps for 2026e-2029. ROTE guided at 13%-14% in 2029, above 15% from 2030, with CET1 ratio kept above 13%.