BNP Paribas (BNP) Q4 2024 earnings summary

Executive summary

• Fourth quarter 2024 net profit rose 16% year-over-year to €2.3 billion, with full-year net income at €11,688 million, driven by robust revenue growth and cost discipline across all divisions.

• CIB revenues surged 20.1% year-over-year in Q4, CPBS up 4.7%, and IPS up 8.4%, reflecting a diversified business model and strong segment performance.

• Cost control and operational efficiency led to a positive jaws effect (+6.5 pts in Q4), supporting margin expansion.

• Fully delivered 2024 targets, confirmed a 60% payout policy through 2026, and introduced a semi-annual interim dividend starting in 2025.

• Launched final phase of strategic plan for 2025–2026, targeting accelerated growth and profitability.

Financial highlights

• Q4 2024 revenues: €12,137m (+10.8% YoY); full-year revenues: €48,831m (+6.4% YoY); net income for 2024: €11,688m (+4.1% YoY).

• Gross operating income Q4: €4,270m (+25.3% YoY); 2024: €18,638m (+7.4% YoY).

• Cost of risk Q4: 38 bps (–5 bps YoY); 2024: 33 bps (+1 bp YoY).

• CET1 ratio: 12.9% at year-end 2024, adjusted to 12.4% post-Basel IV; leverage ratio: 4.6%; LCR: 137%.

• Dividend per share for 2024: €4.79; share buyback: €1.08 billion.

Outlook and guidance

• 2025–2026 plan targets >5% CAGR in revenues, >7% CAGR in net income, >8% CAGR in EPS, and CET1 ratio ~12.3%.

• Cost of risk expected to remain below 40 bps; positive jaws effect of ~1.5 pts per year.

• ROTE trajectory confirmed at 12% by 2026, with post-2026 growth drivers in place.

• Group aims to distribute ~€20bn over 2024–2026, maintaining a 60% payout ratio and introducing a semi-annual interim dividend in 2025.

• Baseline scenario projects moderate eurozone growth, stable interest rates, and gradual inflation normalization.