“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,” commented Béatrice Belorgey, chair of the executive committee of BGL BNP Paribas and head of the BNP Paribas Group entities in Luxembourg. Pictured is Belorgey at a 2023 press conference. Archive photo: Romain Gamba

“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,” commented Béatrice Belorgey, chair of the executive committee of BGL BNP Paribas and head of the BNP Paribas Group entities in Luxembourg. Pictured is Belorgey at a 2023 press conference. Archive photo: Romain Gamba

BGL BNP Paribas has reported their 2024 financial year results, with “very good commercial performance” across all business lines, the bank said. Net banking income was up 5%; income from retail and corporate banking rose 6%; and wealth management assets increased by 9%.

BGL BNP Paribas on 3 April 2025 announced its consolidated results for the 2024 financial year. Despite moderate economic growth, cuts in central banks’ key rates and geopolitical uncertainty, the bank reported “very good commercial performance” across all of its business lines.

Net banking income increased 5% to reach €1,939.2m in 2024.

Income from the retail and corporate banking business rose 6%. This was driven by growth of 4% in in average deposits, whilst average loan volumes were down 2%. Wealth management assets under management rose by 9% thanks to very strong net inflows, said BGL BNP Paribas. Outstanding loans were up 6% at the end of the year.

Gross operating income increased 10% compared to 2023, reaching €1,024m in 2024.

Operating costs inched by 0.4% last year to reach €915.2m. BGL BNP Paribas explained that this increase was mostly due to the full-year effect of salary indexations that took place in 2023.

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 €477.9m.

At 31 December 2024, the balance sheet total stood at €63.1bn, a slight decrease compared to 31 December 2023 (when that figure stood at €63.3bn). The common equity tier 1 (CET1) solvency ratio was 23.0% (compared with 24.2% in 2023.

Growth, technology and sustainability plan

“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,” , chair of the executive committee of BGL BNP Paribas and head of the BNP Paribas Group entities in Luxembourg, commented in a press release. “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.”

BGL BNP Paribas in 2022 launched its growth, technology and sustainability plan and continued to work towards those goals during 2024. The bank highlighted five key elements that are part of the plan: digitising and simplifying client journeys; evolving service models; industrialising and modernising processes, in particular through a joint initiative in the financial sector that focusses on know-your-customer (KYC) management via the and the ; transforming the bank’s technological base; and boosting agility throughout the bank.

ING Luxembourg, which announced in May 2024 that it was , at the end of last year . Under this agreement, ING will refer 18,000 clients to BGL BNP Paribas for daily banking services, with the transition expected to be completed in mid-2025.

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