{"id":52124,"date":"2025-02-25T11:21:18","date_gmt":"2025-02-25T10:21:18","guid":{"rendered":"https:\/\/www.accuracy.com\/?p=52124"},"modified":"2025-04-22T10:06:52","modified_gmt":"2025-04-22T08:06:52","slug":"french-banks-in-better-shape-in-2024","status":"publish","type":"post","link":"https:\/\/www.accuracy.com\/en_gb\/french-banks-in-better-shape-in-2024\/","title":{"rendered":"French banks in better shape in 2024"},"content":{"rendered":"
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French banks in better shape in 2024<\/strong><\/p>

After French banks had a particularly difficult year in 2023, badly affected by the sharp rise in interest rates from the end of 2022, they had a much better year in 2024. Retail banking passed the low point and the other business lines, including CIB and asset management, continued to grow. Barring a shock to the markets, 2025 should be even better.<\/p>

Investment banking propels BNP Paribas to a new record profit<\/strong><\/p>

In 2023, despite the strong headwinds of rising interest rates, BNPP held up well thanks to its diversified model, posting revenue growth of around 1% while other French banks were losing 7 to 8%. Despite this resilience in 2023, BNPP continued its growth trajectory in 2024, with revenues up by 4% and record net income (\u20ac11.7 billion) up by 6.5%, almost meeting the target (+9%).<\/p>

By major business line, as in most of the major banks, it is CIB that is driving this growth, with an increase of 8.4% over the year as a whole, well balanced between the various activities. The savings businesses also grew, by around 4%, including 7% for insurance. Retail banking continued to recover (-0.2%), despite a 4.7% fall in NIM. Finally, Arval fell sharply (-6.3%) due to car prices.<\/p>

BNPP took advantage of the publication of its results to communicate its main strategic challenges up to 2026. In CIB, the main challenge is to continue to grow faster than the rest of the world. In commercial banking in the broadest sense, the main objective is to restore profitability (+8% by 2028). Finally, the major challenge for the IPS division will be to integrate all its acquisitions (AXA IM, HSBC in Germany, BBC Vita and Neuflize Vie).<\/p>

Soci\u00e9t\u00e9 G\u00e9n\u00e9rale: profits soar, BoursoBank already has over 7 million customers<\/strong><\/p>

Over the past four years, SG has experienced contrasting years, with losses on equity derivatives in 2020, the sale of Rosbank in 2022 and pressure on its interest margin in 2023\u20132024. This turbulence now seems to be behind it. Thanks to the adjustment of its business portfolio and the intrinsic performance of the businesses retained, the bank is now ahead of schedule on all the targets set out in its plan, in particular the cost\/income ratio (69%) and ROE (6.9%).<\/p>

The 2024 results are indeed excellent. Revenue growth is solid (+6.7%) compared with 2023, even though it remains lower than in 2022 (-1.4%) due to divested activities. Operating expenses remain well under control (-0.3%). However, the cost of risk, which was extremely low in 2023 (17 bps on outstandings), has returned to normal, at 26 bps, given the macroeconomic context. All in all, SG achieved its best net profit for four years (\u20ac4.2 billion).<\/p>

All divisions posted solid performances. Thanks to the end of the negative impact of ALM, SG achieved the best growth of any French bank in retail banking (+7.9%, with +21.1% in NIM). Like most of its peers, CIB continued to perform very well, both overall (+5%) and in equities in particular (+11.7%). Finally, the mobility division (Ayvens) is gradually recovering from the normalisation of car prices (-0.4%).<\/p>

Cr\u00e9dit Agricole SA posted record results in 2024<\/strong><\/p>

Despite the headwinds of rising interest rates, 2023 was a good year for the Cr\u00e9dit Agricole group, with revenues up 4.8% thanks to financial services (+29.3%) and international retail banking (+19.7%). In 2024, the group continued its growth trajectory with revenues up 4.3%. Operating expenses were kept under control (+2.9%), as was risk, enabling net banking income to reach \u20ac8.6 billion (+4.6%).<\/p>

By major business line, asset management and private banking grew strongly (+11.9% and +36.6%), driven in part by high net inflows and the integration of Degroof Petercam during the year. As with most major banks, CIB performed well, with revenues up 8.9%. Unsurprisingly, retail banking in France recovered (-1.1% after -6.3% in 2023), thanks to NIM rebounding slightly, while consumer credit slumped (-4.3%).<\/p>

Casa’s current strategic plan has achieved all its objectives a year ahead of schedule, with NBI of \u20ac7.2 billion and ROTE of 14%, compared with the \u20ac6 billion and 12% targeted for 2025. These results are the fruit of both organic growth (excluding French retail banking since 2022) and external growth, which has involved most of the group’s businesses (CIB, private banking, mobility, custody, etc.). The progress made in recent years is exceptional.<\/p>

Nicolas Darbo, Partner, Accuracy<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"

French banks in better shape in 2024 After French banks had a particularly difficult year in 2023, badly affected by the sharp rise in interest rates from the end of 2022, they had a much better year in 2024. Retail banking passed the low point and the other business lines, including CIB and asset management, […]<\/p>\n","protected":false},"author":42,"featured_media":52129,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[212,265],"tags":[],"class_list":["post-52124","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","category-financial-services-banking-insurance-analysis"],"acf":[],"yoast_head":"\nFrench banks in better shape in 2024 - Accuracy<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.accuracy.com\/en_gb\/french-banks-in-better-shape-in-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"French banks in better shape in 2024\" \/>\n<meta property=\"og:description\" content=\"French banks in better shape in 2024 After French banks had a particularly difficult year in 2023, badly affected by the sharp rise in interest rates from the end of 2022, they had a much better year in 2024. 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