JEAN-LAURENT BONNAFÉ: 2024 and our current environment are indeed marked by an increasingly unstable international context. The United States and China are competing for global leadership. Hopes for lasting ceasefires remain fragile, in both Ukraine and Gaza. On a macroeconomic level, the increase in tariffs, initiated by the Trump administration, raises the spectre of a trade war. In the eurozone, the stagnation of 2024 should give way to modest growth in 2025. The causes of this sluggishness are both structural and cyclical. In terms of the former, the main reasons are industry difficulties, insufficient investment and high levels of debt. As for the latter, the uncertain economic climate is prompting caution and apprehension among economic players. Companies are reluctant to invest, and unemployment is on the rise again, especially in Germany and France. However, the landscape also shows signs that invite optimism, such as the sharp rebound in the real estate market following lowered interest rates.
In this changing context, the role of BNP Paribas is to support its clients and help them project into the future. We continue to back companies as they develop and transition to a low-carbon economy. This requires continuous attention and vigilance in all our regions, so that we are always able to provide them with personalised solutions in terms of advice, management, financing and investment, as well as risk management. Through the power of our diversified and integrated model, we mobilise the expertise of our business lines in a coordinated manner to provide each corporate client with solutions adapted to its needs. Facing turbulence, we also stand alongside our most vulnerable clients: BNP Paribas was named “World’s Best Bank for Financial Inclusion” by Euromoney magazine in 2024.
J.-L.B.: My first observation relates to the Group’s tremendous resilience in this adverse environment. In 2024, the year was marked both by market share gains and strategic developments. Our results were very solid and exceeded our targets: we committed to a 2% increase in revenues compared to 2023, and they were up 4.1%.
The measures we have taken to improve our operating efficiency enabled us to control our operating expenses, which were in progression by 2.1% compared to 2023, representing a positive jaws effect of 2 points, against a backdrop of business growth in most business lines. As a result of constant attention paid to the quality and diversification of our client portfolio, we have kept the cost of risk low. This value-creating performance underpins our financial strength: with a CET1(1) ratio of 12.9%, we continue to grow in a steady and disciplined manner.
Our three operating divisions have made their full contribution to the Group’s overall performance. Corporate & Institutional Banking (CIB) posted an excellent performance, with revenues of €17.9 billion, while gaining market share in its three business lines: Global Banking, Global Markets and Securities Services. Through its high-added-value platform, our division is established among the top 3 players in Europe and has consolidated its position as the leading European investment bank in the Europe, Middle East and Africa (EMEA) region. Commercial, Personal Banking & Services (CPBS) proved resilient in an unfavourable market environment. The strong momentum of our commercial & personal banking entities contributed to revenues of €26.8 billion, up slightly compared to 2023. Lastly, Investment & Protection Services (IPS) generated revenues of €5.8 billion, up 4.2%, with asset management and insurance posting strong performances.
