J.-L. B.→ All three leveraged their strengths and very solid positions in their markets to continue to grow in contrasting market environments. Driven by the very good performance of Global Markets and Securities Services, in addition to the very good resilience of Global Banking in an unfavourable market context, Corporate & Institutional Banking (CIB) saw its revenues grow by more than 15%. This success confirms that our Group has successfully built a powerful, leading platform to support its corporate clients in Europe and beyond. For its part, Commercial, Personal Banking & Services (CPBS) posted revenue growth of 9%, fuelled by the very good results of the commercial banks and specialised businesses, particularly Arval, our business line specialising in mobility solutions. Lastly, in the face of adverse winds, Investment & Protection Services (IPS) has shown remarkable resilience, thanks to the efficiency of our Asset Management platform and the clear growth of Private Banking, the leader in the eurozone. This extremely robust operational performance once again demonstrates the unique contribution of our diversified model, not only between our divisions but within each of them, since it makes it possible to offset the potential temporary difficulties of certain business lines through the growth of others.
J.-L. B.→ We launched our GTS 2025 plan in February 2022 in a completely different context from the one we expected, following the outbreak of the war in Ukraine. Despite these difficulties, the first year of implementation of our roadmap was very positive, again thanks to the commitment of all our employees, who are the primary architects of our plan.
The levels of growth achieved in most of our business lines, in addition to the strong development potential of our activities in the areas of mobility, payment solutions and savings, confirm the relevance of the three components of our business plan: Growth (G), Technology (T) and Sustainability (S). In addition, thanks to two levers — the redeployment of the capital released by the sale of Bank of the West and the positive impact of the substantial increase in interest rates in 2022 — we have additional capital to invest in the growth of our business lines and complement our business model in a targeted and disciplined manner, such as with the acquisition of Kantox — a fintech specialising in automated foreign exchange risk management — that we carried out in 2022.
Technology will play an increasingly central role in our business in the coming years, enabling us to both expand and optimise the solutions offered to our customers and strengthen our operational performance. This is a lever for strengthening our recurring cost savings targets by 2025, to the amount of €2.3bn.
Building on these strengths, we have revised upwards the net income targets associated with our GTS 2025 plan, now aiming for growth of 9% per year up to 2025, compared to the initial 7%, and we have raised our profitability targets with a return on equity increased from 11 to 12%.
J.-L. B.→ 2023 starts in a context that remains marked by high uncertainty. Clearly the unpredictable seems to have become a norm since 2020 and the outbreak of the health crisis.
