Understanding our third quarter 2025 results

Letter to shareholders N°148

Dear shareholders,

We are releasing a very strong set of results this quarter, driven by a robust revenue growth and continued improvement in our operational efficiency and our profitability. Quarter after quarter through the cycle, we continue to execute with discipline our strategic roadmap by maintaining a strong capital position, strict cost control and prudent risk management. In view of our results for the first nine months of the year, we are confident that we will succeed in achieving all our targets for 2025.

Group revenues for the first nine months of the year came to EUR 20.5 billion, up strongly by 6.7%¹ from the same period in 2024, and above the annual target of an increase of more than 3%. Group net income totalled EUR 4.6 billion in the first nine months of 2025, an increase of more than 45% compared with the first nine months of 2024. This performance translates into a return on tangible equity (ROTE) of 10.5%, above our annual target of ~9%.

We continued our efforts in the first nine months of 2025 to control costs, which are down by -2.2% from the same period in 2024, excluding the impact of asset disposals. This change puts us ahead of our annual target of a reduction of more than -1%. We are strengthening our operating leverage, with a cost-to-income ratio of 63.3% in the first nine months of 2025. This is ahead of our annual target, which is expected to be below <65% for 2025. Lastly, cost of risk is in line with the guidance set at 25 basis points, i.e. below our 2025 annual target of between 25 and 30 basis points.

At the same time, the additional EUR 1 billion share buy-back launched on 4 August was completed on 14 October 2025. We are also continuing to simplify our business portfolio, with the completion of the disposals of subsidiaries in Guinea and Mauritania in August.

Our CET1 capital ratio remains strong at 13.7% as of 30 September 2025. This is around 340 basis points above the regulatory requirement, after taking into account the additional share buy-back.

This positive momentum is based above all on the trust you place in us and also rewards the collective commitment of our teams to serving our customers that I would like to thank warmly. We are approaching the coming months with rigour and determination to carry out our strategic plan, in line with our ambition to create sustainable value for all our shareholders. 

I would like to thank you for continuing to place your trust in our Group, and for your long-term commitment to us. 

Slawomir Krupa
Chief Executive Officer

^{1 Excluding asset disposals}