La Banque Postale 2024 annual results

La Banque Postale recorded an increase in its financial results, supported by its banking and insurance activities, in a macroeconomic environment that remains complex. It has a very solid financial structure, with robust liquidity, high solvency and a controlled risk profile. The 2024 results confirm the relevance and success of the transformation plan we have embarked on, which is designed to serve a multi-business line model. I would like to thank all our teams, bankers, insurers and postal workers, for their commitment and professionalism in working alongside our customers, individuals, businesses, institutions and local authorities. 2024 was marked by dynamic sales across all business lines. Our Retail Banking activities are making progress and we are beginning to see a turnaround in our results. This is being driven by greater synergies with the postal network, the acquisition of new customers and the development of multi-equipment. The bancassurance model that we set up five years ago guarantees the solidity of the Group’s results and provides CNP Assurances with an extensive distribution network, with La Banque Postale as its leading commercial partner, contributing 31% of its revenue in 2024. Corporate and Local Development Banking also reported growth in NBI, driven by its financing activities, which rose by more than 25%. The Asset and Wealth Management division benefited from dynamic growth, due to the integration of La Financière de l’Échiquier (LFDE) and favourable market effects. Moreover, the rationalisation of unprofitable activities, in addition to the successful implementation of the savings plan, have enabled the Group to benefit from a positive jaw effect, with lower expenses. The Group’s diversification has been underpinned by a number of structuring operations: the creation of a major player in social protection in France by CNP Assurances and La Mutuelle Générale; exclusive negotiations with BNP Paribas to offer new mobility solutions to retail customers; the roll-out of a new LBP AM European Private Markets platform dedicated to real 6 Public limited company owned 65% by CNP Assurances Holding and 35% by La Mutuelle Générale since 31 December 2024. 7 Wealth management customers of La Banque Postale Retail Banking benefiting from the wealth management offer of Louvre Banque Privée. 8 TCFD: Task Force on Climate-related Financial Disclosures; TNFD: Task Force on Nature-related Financial Disclosures. 3 C1 - Internal and private assets; and the extension of Louvre Banque Privée’s wealth management expertise to La Banque Postale’s wealth management customers. Finally, true to its status as a mission-led company, La Banque Postale is continuing its pioneering commitment to sustainable finance, with almost 32% of its new loans coming from sustainable financing. CNP Assurances has taken a number of new initiatives to bolster its civic leadership, including the launch of an impact bank card, the roll-out of green and social term deposits and the abolition by CNP Assurances of additional premiums and exclusions on term creditor insurance for people who have overcome breast cancer.