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FINANCIALS: BPCE - Q4 24 Results

FINANCIALS
Credit BulletsCEEMEAEurozoneFranceBullet

Credit Neutral. Solid year, decent quarter. RB&I drives Net Income increase.

  • Retail banking and insurance income up 5% QoQ and 14% vs Q4 23 to €4,064m. Solid control of Opex at these units lead to very positive OpInc growth of 6.8% QoQ and 45% vs Q4 23 to €1,567m. Cost of risk was stable.
  • Net revenues at the IB falls €30m to €1,087m, and combined with €60m more cost of risk, underlying income is €71m lower at €333m. Asset & wealth underlying income improve to €217m, up €25m
  • CET1 falls by 0.6% in Q4, all due to SGEF and Nagelmackers acquisitions. Retained Earnings added 21bps, but this was offset an increase in RWA's contributing -33bps.
  • Issuance in 2025 is expected to be light. €1.7bn of the 2bn tier 2 funding plan is complete. A further €4bn Sr Non-Pref and €3bn Sr Pref is expected.
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Credit Neutral. Solid year, decent quarter. RB&I drives Net Income increase.

  • Retail banking and insurance income up 5% QoQ and 14% vs Q4 23 to €4,064m. Solid control of Opex at these units lead to very positive OpInc growth of 6.8% QoQ and 45% vs Q4 23 to €1,567m. Cost of risk was stable.
  • Net revenues at the IB falls €30m to €1,087m, and combined with €60m more cost of risk, underlying income is €71m lower at €333m. Asset & wealth underlying income improve to €217m, up €25m
  • CET1 falls by 0.6% in Q4, all due to SGEF and Nagelmackers acquisitions. Retained Earnings added 21bps, but this was offset an increase in RWA's contributing -33bps.
  • Issuance in 2025 is expected to be light. €1.7bn of the 2bn tier 2 funding plan is complete. A further €4bn Sr Non-Pref and €3bn Sr Pref is expected.