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Boursorama reaches 5 million customers and profitability

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In the second quarter of 2023, Boursorama Banque has 5 million customers [1] and achieved a net profit of € 47M for a Rone (Return on Net Equity) of 66 %

Boursorama Banque reaches 5 million customers

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Boursorama reaches 5 million customers and profitability

The online bank of the Société Générale group crossed the 5 million customers in early July, and generated a positive result thanks to the drop in its acquisition costs. Now it is the main bank of more than half of its customers.

August 03, 2023 \ 12:27 p.m

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Boursorama reaches 5 million customers and profitability

Boursorama reached the mark of 5 million customers in early July, and released a net profit of 47 million euros in the second quarter, a “Record profitability on the sector”. The Société Générale online bank thus confirms its position as leader in the French market, also offering the luxury of being ahead of its profitability objectives in 2024.

The bank continued to conquer new customers, precisely 129,000 between April June 2023. But to increase its profitability, it went to a new phase of its growth by reducing its marketing and acquisition expenses (welcome bonuses, etc.). Over the past 18 months, Boursorama has garnered more than 2 million new customers, with an acquisition cost down 27% compared to 2021. She notably recovered Ing clients, who withdrew from the French market. Boursorama was sitting on an intrinsically profitable model but its investments in the acquisition explained its losses.

Boursorama captures a quarter of the deposits

Its 5 million customers have entrusted him with a total of 70 billion outstanding (deposits and credits), an average of 14,000 euros in customers per customer. And above all, 51% of them use it as the main bank. A great performance, which proves that online banks are no longer just an extra bank for customers. The bank thus managed to capture 26% of the net deposit collection over the first five months of the year. The average outstanding (deposits + financial savings) are up 39% over one year, and the outstanding life insurance increased by 70%, including 42% in units of account.

These customers are also active. The number of card transactions jumped 37% in one year, or on average 17 transactions per month and per bank card (including 20% ​​via mobile wallets like those of Google and Samsung).

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