Societe Generale Posts Record First-Half Profit and Launches Share Buyback

French bank Societe Generale reported record net income of €3.5 billion for the first half of 2026, up about 14% from a year earlier, capping a strong period driven by rising revenue and sharp cost reductions. Group revenues rose 2.4% to €14.2 billion, in line with the bank's full-year target, while costs fell 5%, better than planned, pushing the cost-to-income ratio to 59.7% and lifting return on tangible equity to 12.0%. In the second quarter alone, the bank posted a record net income of €1.8 billion. Chief Executive Slawomir Krupa said the results reflected disciplined execution of the group's strategic plan and a strong positive jaws effect, as revenue growth outpaced falling costs. On the back of the performance, Societe Generale upgraded its 2026 return on tangible equity target to about 11% and announced plans to distribute excess capital through an extraordinary €1.5 billion share buyback, set to launch from August 3. It also declared an interim cash dividend of €0.751 per share, up 23% from a year earlier, to be paid in October.