The bank posted an after-tax profit of €11.7 billion (US$12 billion), up 4.1% from the previous year and above its objective of €11.2 billion.

Its revenue also rose more than expected, up 4.1% at €48.8 billion.

“The group achieved very good performances in the fourth quarter (Q4) 2024 and surpassed its 2024 objectives, while maintaining a solid financial structure,” BNP Paribas chief executive Jean-Laurent Bonnafe said.

Its net income rose 15.7% in Q4 to €2.3 billion.

Bonnafe said he expected a “strong acceleration” in the bank’s performance thanks to its acquisition of asset management firm AXA Investment Managers (IM), which is expected to be completed this year, and the development of wealth management and life insurance businesses.

BNP Paribas announced last year it was buying Axa IM, a subsidiary of French insurer AXA, for €5.4 billion.

Under the deal, it will also provide investment management services to AXA.

BNP Paribas confirmed its outlook, with an average growth rate in net income above 7% between 2024 and 2026.