BNP Paribas has reported a 15.7% increase in its net income for the fourth quarter of 2024 (Q4 2024) at €2.32bn, compared to €2bn posted in the corresponding quarter of the previous year.
In the previous quarter, that is Q3 2024, the French universal bank and financial services holding company’s net income stood at €2.87bn.
In the quarter that ended 31 December 2024, BNP Paribas’ total revenues amounted to €12.13bn, which is an increase of 10.8% compared to €10.95bn posted in the fourth quarter of the previous year.
The bank’s growth in revenues has been attributed to its diversified model. Revenues from its corporate and institutional banking (CIB) unit’s revenues increased to 20.1% compared to Q4 2023.
BNP Paribas’ investment and protection services (IPS) business delivered an 8.4% revenue increase, bolstered by growth in wealth management and insurance.
The French bank’s revenue growth was also driven by a 4.7% increase in revenues from its commercial, personal banking and services (CPBS) division.
For the full year, BNP Paribas reported a 4.1% rise in net income, reaching €11.68bn, compared to €11.23bn in 2023.
Total revenue for the year also grew by 4.1% to €48.8bn, up from €46.9bn in the previous year, driven by higher CIB revenues, which rose by 8.4%. IPS revenues increased by 4.2%, while CPBS remained stable.
The banks’ earnings per share (EPS) in 2024 amounted to €9.57, marking an 8.9% increase from the previous year.
Looking ahead, BNP Paribas forecasts an average net income growth rate exceeding 7% for 2024-2026, with EPS expected to grow by more than 8% over the same period.
BNP Paribas CEO Jean-Laurent Bonnafé said: “With CIB, the Group possesses a high-value-added platform and a powerful growth engine that continues to gain market share.
“We are launching a new strategic plan for Commercial & Personal Banking in France and we are extending Personal Finance’s plan to 2028 with the ambition to raise the profitability of these two CPBS business lines to the Group’s level.”
“Meanwhile, revenues at Commercial & Personal Banking should benefit from the new interestrate environment. Our trajectory will also be backed by IPS, in particular organic growth at Insurance, Asset Management and Wealth Management.”
