BNP Paribas reports 4th quarter 2022 and full year earnings.
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BNP Paribas reported Tuesday a 7% increase in net income for 2022 and revised profit targets.
The French bank said net profit attributable to shareholders came in at 2.2 billion euros ($2.36 billion) for the fourth quarter, with full-year profit totaling 10.2 billion euros for 2022. Analysts had expected figures of 2.36 billion euros for the quarter and 10.9 billion euros for the year, according to Refinitiv.
Here are some more highlights from the results:
- Annual revenue rose to 50.4 billion euros versus 46.2 billion euros a year ago;
- Operating expenses increased by 8.3% from a year ago to 33.7 billion;
- The CET 1 ratio, a measure of bank solvency, was at 12.3% compared to 12.1% in the previous quarter.
French bank shares are down about 7% over the past year.
Show buyback and prospects
“On the strength of this performance and with the additional growth potential derived from the capital redeployment launched by the sale of Bank of the West, combined with the positive impact of the interest rate increase in 2022, the Group reaffirms the importance and relevance of the pillars of the strategic plan Growth, Technology & Sustainability 2025 and revising its ambitions,” the bank said in a statement.
The French lender said it now wants to increase net income by more than 9% between 2022 and 2025.
It said it will carry out share buybacks every year – especially in 2023, when the share buyback program will total 5 billion euros. This plan pays a dividend of 3.90 euros.
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