(Bforbank currently has 400,000 customers and not 300,000 customers, §7)

by Bertrand de Meyer

PARIS (Reuters) – BforBank, the online bank of the French banking group Crédit Agricole, dug its losses in 2024 and exceeded 600 million euros in deficit since its launch in 2009, according to a document consulted by Reuters.

BforBank, almost tied equally by the regional funds of Crédit Agricole and Crédit Agricole SA, recorded a net loss of 144.9 million euros for the financial year 2024, against a net loss of 108.5 million euros in 2023, according to his accounts published at the registry.

With this new deficit exercise, the online bank created in 2009 displays “a balance of cumulative deficit on 12/31/2024 of 635 million euros”.

“Bforbank’s results are part of the implementation of an ambitious transformation plan aimed at strengthening the company in the long term to make it one of the leaders of online banks on the European market by 2030”, reacted Crédit Agricole in a declaration transmitted to Reuters, also citing “a cyclical context marked by the unfavorable development of rates”.

Also according to his accounts, BforBank saw his net banking product melted at 1.7 million euros in 2024 against 26 million euros in 2023 while his operating expenses believed from 119 million to 133 million euros in one year.

“The quality customer experience offered by BforBank today has enabled him to achieve the objectives set to him,” said Crédit Agricole.

Capital increases

The economic model supposed to bring Bforbank, which currently has 400,000 customers, towards profitability at the end of 2029 is based in particular on the acquisition of customers.

“Bforbank aims to reach three million customers by 2030 with international development, including a first step in Germany from 2025,” detailed Crédit Agricole in Reuters.

For this, the group has bet on “a large -scale technological transformation” and claims “a 100% cloud solution, secure and in real time, which makes it possible to offer a very good customer experience, to gain efficiency and to reduce operating costs”.

Faced with the difficulties of online banking, the two shareholders are increasing capital increases.

After a contribution of 149 million euros in 2022 and then 155 million euros in 2024, a new capital increase of 50 million euros was made in early 2025, shows the document consulted by Reuters.

The newspaper Les Echos and Bloomberg had mentioned in March an contribution of 490 million euros from shareholders on the duration of the plan by 2030.

(Written by Bertrand de Meyer, edited by Blandine Hénault)

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