LONDON, Sept 18 (Reuters) - Societe Generale's new CEO Slawomir Krupa pledged on Monday to cut costs to boost profits by 2026 amid stagnating sales, in his first strategic plan for France's third-biggest listed bank.
Here are key targets:
Annual revenue growth expectations between 0 and 2% by 2026.
In August last year, the bank said it was aiming for average annual revenue growth of at least 3% for 2021-2025.
Targets a 9 to 10% return on tangible equity ratio in 2026, up from a reported 5.6% ROTE at the end of June. Just over a year ago, SocGen was aiming for ROTE of 10% in 2025.
Targets a cost-to-income ratio of less than 60% in 2026 from 75% in the second quarter. A year ago, it said it aimed for a cost-to-income ratio of 62% or below.
Aims for a CET1 ratio - a key measure of financial strength - of 13% in 2026, almost on par with the 13.1% reported at end of June. In August last year, the bank aimed for a CET 1 capital ratio of 12% in 2025.
Payout ratio range is targeted at between 40% and 50% of reported net income, from 2023.
Krupa said he wants a simplified business portfolio. SocGen said it would sell four African units and review a fifth one on the continent but gave no other updates.
Reporting by Mathieu Rosemain Writing by Ingrid Melander Editing by Mark Potter
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