Deploying our strategic vision over the long term
Interview with Jean-Laurent Bonnafé
We are entering a new stage of acceleration in financing the energy transition
As we speak, the conflict in Ukraine has lasted over a year and no way out seems to be emerging. What is your take on this situation?
Jean-Laurent Bonnafé → BNP Paribas is present in Ukraine, notably through its subsidiary UKRSIBBANK, with 5,000 employees. My first thoughts go naturally to all our colleagues and their families. Their courage and resilience in the face of the repercussions of the conflict command admiration and their commitment makes it possible to preserve, as far as possible, the continuity of banking services that are essential to the country’s economy. I would like to thank our employees around the world who have been mobilising for many months to help the people of Ukraine. More broadly, while the war unfortunately seems set to last, we will continue to do everything in our power to translate our solidarity into action.
Beyond the human and humanitarian tragedy, the conflict has also had serious economic repercussions around the world. In this particularly troubled context, how would you rate BNP Paribas’ performance?
J.-L. B.→ Indeed, far from the upturn that we were all hoping for at the end of the Covid-19 health crisis, we are experiencing a sharp contraction in economic momentum. 2022 saw the convergence of two major shocks: inflationary — with inflation rates not seen in Europe for several years — and monetary — with successive interest rate increases decided on by the United States Federal Reserve and the European Central Bank to try to contain inflation. The convergence of these phenomena has severely hindered the post-Covid economic recovery.
Despite this unfavourable market context, BNP Paribas achieved strong growth in its business and results in 2022. Reflecting both the relevance of our strategic orientations and the ever-increasing cross-functionality between our business lines, this performance rewards the efforts of our teams. I would like to sincerely thank them for their commitment and contribution to the success of our Group year after year.
Confirming our unique position as the leading bank in the European Union, our results are supported by the power of our diversified and integrated model, combined with our ability to support our customers over the long term thanks to the mobilisation of our expertise and resources.
The combination of these assets enables us to generate revenues which, with growth of 9% compared to 2021, crossed the €50bn mark for the first time. Our net income exceeded the €10bn mark, with a significant increase of 7.5%. We also posted a positive jaws effect of 0.7 point, the result of recurring cost savings of nearly €500m achieved in 2022 and the regular adaptation of our operating model. Lastly, we benefit from prudent and proactive long-term risk management, as illustrated by our cost of risk, which, in relation to our gross operating income, is among the lowest in Europe.