France · Delayed Price · Currency is EUR BNP Paribas Earnings Call Transcripts
Fiscal Year 2026
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Q2 2026 saw 12% revenue growth, a 16% rise in operating income, and a one-third increase in net profit, with CET1 reaching 13%—18 months ahead of target. Strong segment performance, disciplined cost control, and a robust capital position support an optimistic outlook for double-digit EPS growth and higher future distributions.
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Management targets a 22% pre-tax ROE by 2028 and 25% by 2030, driven by strong net interest income, disciplined cost control, and capital efficiency. Digital and AI transformation, cross-selling, and operational streamlining underpin growth, while cost of risk remains low and RWA optimization delivers capital savings.
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The AGM reviewed strong 2025 results, with net profit up 4.6% and a 60% payout policy. Strategic initiatives included the AXA IM integration and digital innovation, while shareholders approved all resolutions and discussed climate, governance, and digital challenges.
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Q1 2026 saw robust revenue and profit growth, with all divisions contributing and CET1 nearing 13%. Strategic plans and cost controls support strong outlook, while capital redeployment and disposals enhance returns. Resilience is underpinned by diversification and disciplined risk management.
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A new asset management platform targets doubling pre-tax income by 2030, driven by EUR 350 billion net inflows, cost synergies, and a diversified EUR 1.6 trillion AUM. Strategic focus on alternatives, active management, and ETFs, supported by technology and partnerships, aims to deliver sustainable growth and profitability.
Fiscal Year 2025
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Fourth quarter 2025 delivered record net profit and strong revenue growth across all divisions, with cost of risk remaining low and CET1 ratio rising to 12.6%. The group raised its efficiency targets, launched a major transformation plan for support functions, and reaffirmed its 2026–2028 profitability and capital goals.
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Third quarter results showed 5.3% revenue and 6.1% net profit growth, with strong CIB and IPS performance and a CET1 ratio of 12.5%. The AXA IM integration is on track, expected to deliver significant synergies and boost group profitability, while regulatory headwinds are receding.
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Q2 2025 saw 2.5% revenue growth and strong divisional performance, with net profit for 2025 expected to exceed €12.2 billion, driven by H2 acceleration and AXA IM integration. CET1 remains stable at 12.5%, and cost control measures are on track.
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A new strategic plan targets over 17% pre-tax return on notional equity by 2028, with more than 5% CAGR revenue growth, improved cost-to-income ratio, and a focus on technology, digitalization, and high-value segments. NII rebound, disciplined cost control, and business transformation are key drivers.
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Strong Q1 growth, resilient credit quality, and robust capital generation underpin confidence in achieving 2025–2026 targets. Strategic focus on Europe, IPS expansion, and the AXA IM deal position the group for further market share gains and profitability.
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The meeting confirmed strong 2024 financial results, robust dividend and buyback plans, and strategic growth through acquisitions and AI. All governance, compensation, and bylaw changes were approved, with a focus on sustainability, risk management, and digital transformation.
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First quarter 2025 saw strong revenue and operating income growth, with robust CIB and IPS performance, cost discipline, and a CET1 ratio above target. Outlook remains positive, supported by European investment and efficiency gains, with a EUR 1 billion share buyback set for Q2.
Fiscal Year 2024
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Fourth quarter net profit rose 16% year-over-year to €2.3 billion, with strong revenue growth across all divisions and a CET1 ratio of 12.9%. The group targets 11.5% ROTE in 2025 and 12% in 2026, maintaining a 60% payout and introducing an interim dividend policy.
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Q3 2024 saw record net income of €2.9 billion, with revenues up 2.7% year-over-year and strong CIB and IPS growth. Cost of risk remained stable, CET1 stood at 12.7%, and capital redeployment and efficiency measures are on track. Eurozone banking outlook is improving.
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Global Markets has achieved strong revenue and market share growth, driven by a diversified equity platform, technology investment, and prudent risk management. The business is on track to exceed its 7.5% revenue CAGR target, with further gains expected from cross-selling, client diversification, and ongoing digital transformation.
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Q2 2024 saw strong revenue and net income growth, with CIB and Global Markets leading performance. Cost discipline, robust capital ratios, and positive outlook for 2024 were confirmed, with continued focus on operational efficiency and capital redeployment.
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European payments and cash management activities have exceeded growth targets, now aiming for €800 million additional revenues by 2025. Investments in technology, innovation, and a new BPCE partnership support market leadership, with a capital-light, high-ROE profile and strong cross-sell potential.