Q3 2024 BNP Paribas SA Earnings Call Transcript
Key Points
- BNP Paribas (BNPQF) reported a strong net income of EUR 2.9 billion for Q3 2024, marking a 5.9% increase year-on-year.
- The Corporate and Institutional Banking (CIB) division showed robust growth, with revenues up 9% year-on-year, driven by strong performances in global markets.
- The company achieved EUR 655 million in cost savings by the end of September 2024, with a target of EUR 1 billion for the full year, demonstrating effective cost management.
- BNP Paribas (BNPQF) maintained a strong financial structure with a common equity tier 1 ratio of 12.7%, well above regulatory requirements.
- The Insurance and Asset Management segments within the Investment and Protection Services (IPS) division performed well, with revenues up 4.9% driven by strong asset management and insurance growth.
- The Arval division faced challenges due to the normalization of used car prices, which is expected to continue impacting results until the end of 2025.
- The Belgian market experienced significant disruption, with intense competition on loans and deposits affecting margins.
- The Personal Finance segment showed negative growth, although the core perimeter was up slightly by 1.5% year-on-year.
- The French and Belgian banks faced headwinds from high short-term rates, impacting deposit volumes and margins.
- The company's exposure to the UK motor finance market, although limited, could still pose risks given recent market developments.
Good afternoon, ladies and gentlemen and welcome to the presentation of the BNP Paribas third quarter 2024 results with Jean Laurent Bonnafe Group Chief Financial Officer; and Lars Machenil, Group Chief Financial Officer. For your information this conference call is being recorded. Supporting slides are available on BNP Pariba IR website, invest.bnppariba.com. (Operator instructions)
I would like now to hand the call over to Jean Laurent Bonnafe, Group Chief Executive Officer, please go ahead sir.
Thank you. So good afternoon ladies and gentlemen, welcome to the presentation of our third quarter '24 results. As usual at the end of the presentation Lars and I will be pleased to take your questions.
So moving to the core of the presentation with slide 3, a not income group share reached EUR2.9 billion in the third quarter of 2024. This was a very strong quarter for BNP Pariba driven by good performance across our
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
