BNP Paribas: net profit increasing in 2024 to 11.7 billion euros

BNP Paribas: net profit increasing in 2024 to 11.7 billion euros


“The group performs very good performances in the 4th quarter of 2024 and exceeds its 2024 objectives with a solid financial structure,” said Managing Director Jean-Laurent Bonnafé.

BNP Paribas published a net profit on Tuesday 4.1% in 2024, at 11.68 billion euros, still fired by the results of the financing and investment bank.

The net banking product (PNB), equivalent to turnover for the sector, is also up 4.1% over one year, to 48.83 billion euros.

“The group achieves very good performances in the 4th quarter of 2024 and exceeds its 2024 objectives with a solid financial structure,” said Managing Director Jean-Laurent Bonnafé, quoted in a press release.

“I anticipate a strong acceleration carried by the implementation of external growth with the AXA IM project, as well as developments in Wealth Management and Life Insurance,” he added.

In 2024, the cost savings made were online with the announced trajectory of one billion euros and they will continue with 600 million additional synergies planned for 2026, according to the press release.

With an income of 17.9 billion euros in 2024, up 8.4%, the financing and investment bank (BFI) “is a powerful growth engine,” says BNP Paribas.

The pole which brings together commercial banks (France, Belgium, Italy …) experienced a small growth of 2.3% to 16.9 billion over the year, but specialized trades such as car leasing, with Arval, Or payment, with Nickel and Floa, saw their income drop by 2.6% to 9.7 billion euros.

BNP Paribas has indicated to plan a new strategic plan for the commercial bank in France and the extension of that of Personal Finance by 2028, “with the ambition to carry the profitability of these activities at the level of the group”.

The income of the investment, insurance and savings professions, for its part experienced an increase of 4.2%, to 5.8 billion euros, brought by the growth of insurance.

BNP Paribas has confirmed its distribution policy of 60% of profits to shareholders, including 50% minimum in dividends, for financial years 2024, 2025 and 2026.

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