Société Générale held €5.0bn more in deposits at the Bank of Japan at the end of June than at the end of 2025. The bank's half-year report says the increase reflects surplus yen liquidity generated through certain foreign-exchange swap transactions.
The move sat inside a lower total. Cash and central bank balances fell €2.5bn, or 1.9%, to €130.8bn, because overnight lending at the Banque de France dropped €19.6bn. Cash held at the US Federal Reserve rose €12.0bn as the group put surplus liquidity to work at favourable yields. The report gives no separate yen amount for the swap-generated liquidity.
Results already on the market
The headline results are not new. The board reviewed them on 29 July, and the report reproduces figures from the bank's 30 July announcement. Group net income for the six months to June was €3.487bn, against €3.061bn a year earlier, and return on tangible equity was 12.0%, against 10.3%. Net cost of risk was €745mn.
The bank raised its 2026 return-on-tangible-equity target to about 11%. Its common equity Tier 1 ratio was 13.2% at 30 June, down from 13.5% at the end of 2025, and about 290 basis points above the regulatory requirement. An interim dividend of €0.75 a share goes ex on 5 October 2026 and is due to be paid on 7 October.
Yen notes tied to Japanese and US indices
The report also lists yen-denominated notes issued by Société Générale, with maturities from November 2026 to September 2031. Their coupons, early redemption and final redemption amounts depend on the Nikkei 225, the S&P 500, the SGI US tech momentum yen index or the SGI Opera Plus strategy index. The bank says index information is included because it bears materially on the investment decisions of holders.
The index tables show the Nikkei 225 at a monthly high of ¥72,366.34 in June and a low of ¥64,024.60 that month. Its close on 8 September was ¥65,269.33.
A fine in France
The notes to the accounts record a €20mn sanction and a reprimand imposed on 13 May 2026 by France's prudential regulator, the ACPR. The case concerned the conditions of sale and administration of certain insurance products sold through the bank's French network. The decision is to be published on the ACPR website for five years.
The interim statements were not audited. The bank's two statutory auditors reviewed them. The yen equivalents in the Japanese filing use a rate of ¥182.37 to the euro, and the filing says they were not part of that review.