BGL BNP Paribas has published its financial results for 2024, a year in which it recorded a 9% increase in consolidated net profit, excluding the one-off capital gain from the sale of its headquarters in 2023.
On Thursday 3 April 2025, the Ordinary General Meeting of Shareholders, chaired by Bob Kieffer, approved the BGL BNP Paribas consolidated financial statements for the financial year ended 31 December 2024.
At €1,939.2 million, net banking income in 2024 was 5% higher than in 2023 (€1,840.1 million). According to BGL BNP Paribas, this increase is the result of "strong commercial momentum" in the group’s various business lines.
Income from Retail and Corporate Banking rose by 6%, supported by a 4% increase in average deposits, despite a 2% decline in average loan volumes in a subdued economic environment. Assets under management in Wealth Management increased by 9% due to strong net inflows, while outstanding loans rose by 6% year-on-year.
International Leasing activities saw production volumes grow by 5% and income rise by 3%, despite geopolitical and economic headwinds during the second half of the year.
Operating costs remained largely stable, increasing by just 0.4% to €915.2 million. The bank attributed this to salary indexation from 2023, with continued investment under its Growth, Technology, Sustainability (GTS) 2025 plan. Gross operating income increased by 10% to €1,024 million.
The consolidated cost of risk totalled €141.8 million, equivalent to 37 basis points of €38.4 billion in outstanding client loans. BGL BNP Paribas noted that most of this increase was linked to the International Leasing division. However, the cost of risk for the bank’s Luxembourg activities remained low at €2.1 million.
Net gains on fixed assets were significantly lower (down €182.5 million), reflecting a base effect of €181.2 million linked to the capital gain on the sale of the bank's headquarters at the end of 2023, as well as the application of IAS 29 in respect of hyperinflation in Turkey.
Group consolidated net profit – excluding the impact of the capital gain on the sale of the bank's headquarters at the end of 2023 – rose by 9% to €477.9 million.
The group’s total balance sheet stood at €63.1 billion at the end of 2024, stable compared to the previous year (€63.3 billion).
Moreover, the bank’s Common Equity Tier 1 (CET1) solvency ratio was 23.0%, down from 24.2% in 2023, but remained well above the regulatory minimum of 10.3%.
BGL BNP Paribas continued the rollout of its GTS 2025 plan in 2024, with digitalisation achievements, including the following: 63% of eligible retail products were made available online and its “Genius” digital assistant gained traction with users. In professional banking, Web Banking services were enhanced and five dedicated advisory centres were set up.
The bank also strengthened its sustainability efforts, providing financing solutions for green mobility and energy retrofitting and expanding its sustainable investment offering. Its environmental, social and governance (ESG) initiatives received several LuxFLAG labels.
In December 2024, BGL BNP Paribas signed a retail client referral agreement with ING Luxembourg to support clients transitioning between the institutions.
Commenting on the 2024 performance, Béatrice Belorgey, Chair of the Executive Committee and Head of BNP Paribas Group entities in Luxembourg, said: "Thanks to our diversified, integrated model and the strong commercial momentum across all of the bank’s business lines, we achieved very good results in 2024. We are currently in the final stretch of our GTS plan, and a significant number of our transformation ambitions surrounding the three pillars of Growth, Technology and Sustainability have already been achieved in these first three years. In this way, the bank is giving itself the means to respond even better to its clients' expectations, to support them in the realisation of their projects and to help them successfully transition to a more sustainable and inclusive economy, thereby continuing to support the Luxembourg economy. I would like to thank all our teams for their ongoing commitment to serving our retail, business and institutional clients, and our clients for their trust."
IK
