French banking group BNP Paribas on 31 October 2024 released its Q3 2024 results (as of 30 September), including details on its commercial, personal banking & services division. This division, explains the bank’s website, encompasses commercial banking networks in various countries, including in Luxembourg with BGL BNP Paribas.
The Banque Commerciale au Luxembourg division’s revenues for the third quarter of 2024 amounted to €156m (+2.8% compared to Q3 2023). It saw “very good performances, driven by net interest revenues and fees,” said the communiqué. Net interest revenues rose by 2.5%. This is thanks to “good resiliency in margins on deposits, particularly on individual customers and a revaluation on an investment.” The Banque Commerciale au Luxembourg division also saw growth in fees (+4.3% versus Q3 2023), particularly from the corporate segment.
Operating expenses rose by 3% to reach €74m, while gross operating income increased to €83m (+2.5% compared to Q3 2023), noted the press release. Pre-tax income increased 3.3% versus Q3 2023 to reach €78m.
Group level
Commercial & personal banking services for BNP Paribas as a whole for Q3 2024 stood at €4.202bn (a decrease of 0.8% compared to the same quarter last year). There were improvements in net interest revenue in France, Italy and Luxembourg, said the communiqué.
Revenues at specialised businesses came to €2.374bn (a decrease of 5.7% compared to Q3 2023). Together, revenues for the group’s commercial, personal banking & services division was €6.576bn (a drop of 2.6% versus Q3 2023).
Four operational businesses for BGL BNP Paribas
BGL BNP Paribas employs around 3,500 staff in the grand duchy, according to the company’s website. It is composed of four core operational businesses, including commercial and personal banking Luxembourg, which covers the network of retail branches, direct banking and private banking activities in the grand duchy, as well as the activities of companies and institutions in Luxembourg and the Greater Region. It offers financial services to individuals and professionals, and the BNP Paribas Lease Group Luxembourg’s associated financing business is also included in this scope, explains the annual report.
The other three core businesses are: leasing international; corporate and institutional banking; and international financial services (which includes wealth management services for international private clients, as well as Cardif Lux Vie, which offers pension savings and life insurance products).