Revenues for the third quarter of 2024 reached EUR 6.8 billion, marking a 10.5% increase compared to the same period in 2023. This growth was primarily attributed to a strong rebound in net interest income in France and robust performances from Global Banking and Investor Solutions, particularly in Equities and Transaction Banking.
Operating expenses were controlled, decreasing by 0.8% from Q3 2023, leading to an improved cost-to-income ratio of 63.3%, which is a 7.1-point improvement over the previous year. The cost of risk remained stable at 27 basis points during this period, while profitability (ROTE) rose to 9.6%, up from 3.8% in Q3 2023.
For the first nine months of 2024, net income increased by 53% compared to the same period last year, reaching EUR 3.2 billion. Revenues for this period were EUR 20.2 billion, representing a rise of 5.3%. Operating expenses remained stable with a slight increase of just 0.1%. The cost-to-income ratio improved by 3.6 percentage points to reach 68.8%, and profitability (ROTE) was recorded at 7.1%, up from last year's figure of 5%.
The group's capital and liquidity ratios remain solid with a CET1 ratio of 13.2% at the end of Q3, exceeding regulatory requirements by approximately 300 basis points, and a Liquidity Coverage Ratio standing at 152%. A distribution provision was set at EUR 1.66 per share as of September's end.
Slawomir Krupa, Chief Executive Officer of the Group, remarked on these results: "We are publishing solid quarterly results that continue to show strong improvement... Our revenues are up thanks to the solid performance of our businesses with a strong rebound of the net interest income in France and another remarkable contribution from Global Banking and Investor Solutions."
Krupa further emphasized ongoing strategic initiatives: "For the past year we have been working relentlessly... We continue to implement our various strategic initiatives such as BoursoBank’s development, LeasePlan’s integration within Ayvens and the acceleration of our contribution to the energy transition."