IN 2024:

10% GROWTH IN NET BANKING INCOME

AT €1,468m

NET INCOME OF €391m, UP 23%

VERY GOOD COST/INCOME RATIO 

AT 56.9%

6% INCREASE IN SHAREHOLDERS’ EQUITY

AT €7.1bn

VERY STRONG CET1 SOLVENCY RATIO OF 16.1%

According to Jean-Paul Julia, Chief Executive Officer of BRED Banque Populaire: “2024 marks the first year of the roll-out of our “Aligning 2027 BRED energies-Ambitions” strategic plan, with excellent results that illustrate the strong momentum of BRED Banque Populaire in all its markets. We will continue our development, with the aim of constantly improving our support for our customers and members in all our regions.”

BRED Banque Populaire generated net banking income (NBI) of €1,468 million, up 10% compared with 2023.

In 2024, BRED Banque Populaire benefited from its diversified model in terms of revenues and activity, against a backdrop of political and geopolitical uncertainty and a moderate recovery in growth.

Breakdown of NBI by business division

Commercial Banking France

Commercial Banking in France (including ALM) saw an 8.1% drop in NBI. Impacted by the cost of funding and refinancing during the year, the interest margin increased significantly in the last quarter. Fee and commission income was up, a sign of deepening relations in all our customer segments.

International and Overseas Territories Banking

The international and overseas territories banking division posted an 8.7% increase in net banking income at constant exchange rates. It continues to benefit from the strong performance of its commercial banking business in the Pacific and Horn of Africa, and from the strength of its international financing activities.

Corporate and Investment Banking

Corporate and Investment Banking (CIB), which includes the activities of Corporate Banking and the Capital Markets Department, saw an increase in NBI in 2024 (+28.4%).

Corporate Banking continued to be heavily involved with customers in all the fundamentals of its businesses. The Capital Markets Department consolidated its commercial activity with a higher market share and growing influence among a diversified customer base. It confirmed its first-place ranking in Europe for the placement of short-term debt of domestic and international issuers for the second year in a row.

Consolidated Investment Management

Consolidated investment management’s results rose sharply in 2024 (+113%) thanks to interest rates and private equity performance.

Operating expenses

Operating expenses were kept under control, increasing by a total of 1.5%. This reflects the investments made under the strategic plan in both human and IT resources to keep pace with development and improve processes. The strong development of the subsidiaries also contributed to growth in the Group’s operating expenses.

Cost/income ratio

The cost/income ratio was very good at 56.9%.

Cost of risk

The overall cost of risk was €195.5 million, up 88.7%. This increase reflects a prudent policy of setting up provisions for performing loans in anticipation of a worsening economic environment. The proven cost of risk remained below historical levels.

Net income BRED Group share

Net income BRED Group share came to €391 million (+23%).

Very strong solvency and liquidity ratios

Shareholder’s equity stood at €7.1 billion, an increase of 6.2% over the year.

The CET1 solvency ratio was very good at 16.1%.

The LCR liquidity ratio was 108% at 31 December 2024, compared with the regulatory minimum requirement of 100%. BRED’s NSFR (net stable funding ratio) was 106% at 31 December 2024, compared with the regulatory minimum requirement of 100%.

BRED’s consolidated income statement

About BRED Banque Populaire

BRED Banque Populaire is a cooperative “people’s bank”, and one of the parent companies of the BPCE Group, with more than 200,000 cooperative members, €7.1 billion in shareholders’ equity and 7,300 employees, 40% of whom are based outside France and in French overseas territories. We operate in Ile-de-France, Normandy and the French overseas territories, as well as through our commercial banking subsidiaries in Southeast Asia, the South Pacific, Africa and Switzerland.

We are a local bank committed to the communities we serve, with a network of 481 locations in France and abroad. We forge long-term relationships with our 1.6 million customers.

BRED operates in various business sectors: retail banking, corporate banking for large-cap companies and institutional investors, wealth management, international banking, trading, asset management, insurance and international trade financing.

In 2024, BRED generated consolidated net banking income of €1.47 billion and posted net income of €391 million.