Société Générale: ECB sets its Pillar 2 requirement at 2.37% for 2027
The European Central Bank has notified Société Générale of a capital requirement under Pillar 2 (P2R) of 2.37%, applicable from January 1, 2027, according to a press release published on October 26, 2026. With a CET1 ratio of 13.2% as of June 30, 2026, the group indicates it has a pro forma margin of approximately 280 basis points above the regulatory requirement, a margin it describes as "comfortable".
Countercyclical and systemic buffers integrated into minima
The mandatory Pillar 2 notified by the ECB must be covered by at least 1.39% in the form of Common Equity Tier 1 capital (CET1). It includes a component of 0.12% related to prudential expectations regarding the provisioning of non-performing loans granted before April 26, 2019.
Once the various regulatory buffers are taken into account, the minimum CET1 ratio requirement on a consolidated basis will be 10.41% on January 1, 2027. This level includes 0.86% for countercyclical buffers and 1.125% for the buffer for Other systemically important institutions. Minimum requirements will also be 12.33% for the Tier 1 ratio and 14.89% for the Total Capital ratio.
Leverage ratio of 4.3% for a minimum requirement of 3.6%
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The ECB has also notified a P2R on the leverage ratio (P2R-LR) of 0.1%. The minimum leverage ratio requirement applicable to Société Générale is consequently 3.6%.
As of June 30, 2026, the group's leverage ratio stood at 4.3%, above the required threshold.
Résultat net part du Groupe record au S1-26 de 3,5 Md EUR, en hausse de +13,9% vs. S1-25, ROTE de 12,0% au S1-26
Risks mentioned
Revenus de la Banque de Grande Clientèle en baisse de -1,3 % au S1-26 vs. S1-25
Activités Taux, Crédit et Change en retrait de -15,0 % sur le semestre
Coût du risque en hausse de +6,6 % à 745 millions d'euros au S1-26
Opportunities identified
Cible de ROTE 2026 rehaussée à environ 11 % grâce à l'effet de ciseaux positif
Acompte sur dividende en hausse de +23 % et rachat d'actions exceptionnel de 1,5 Md€
Notation relevée par Fitch à « A+ » et perspective S&P passée à « positive »
Outlook / guidance
Management commentary: croissance des revenus Groupe vs 2025
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
