BNP Paribas reports 2022 fourth quarter and full year earnings.
Miguel Medina | AFP | Getty Images
BNP Paribas on Tuesday reported a 7% increase in net income for 2022 and revised its 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, taking its full-year profit figure for 2022 to 10.2 billion euros. According to Refinitiv, analysts had expected figures of 2.36 billion euros for the quarter and 10.9 billion euros for the year.
Here are other highlights from the results:
- Annual revenue rose to 50.4 billion euros versus 46.2 billion euros a year earlier;
- Operating expenses increased by 8.3% from a year earlier to 33.7 billion;
- The CET 1 ratio, a measure of bank solvency, stood at 12.3% versus 12.1% in the previous quarter.
Shares of the French bank are down about 7% over the past year.
Share buyback and outlook
“On the strength of this performance and with additional growth potential stemming from the redistribution of capital released by the sale of Bank of the West, combined with the positive impact of interest rate hikes in 2022, confirms the Group’s importance and relevance. Growth, technology and sustainability are the pillars of its 2025 strategic plan and revising its ambitions, it said in a statement.
The French lender said it now aims to grow its net income by more than 9% between 2022 and 2025.
It said it would execute share buybacks each year – notably in 2023, when its share buyback program would total 5 billion euros. It plans to pay a dividend of 3.90 euros.
This is breaking news and is being updated.
