BNP Paribas Raises Targets, to Launch Buyback After Revenue Surges on Interest Income
07 Fevereiro 2023 - 3:35AM
Dow Jones News
By Ed Frankl
BNP Paribas SA's fourth-quarter profit fell but revenue rose on
bumper net interest income, as it raised its targets to 2025 and
said it would launch a 5 billion euro share buyback.
The French bank, the largest in the eurozone by market
capitalization, reported net profit of 2.15 billion euros ($2.31
billion) in the three months to December, down from EUR2.31 billion
in the same period in 2021.
Revenue rose 7.8% on year to EUR12.11 billion, driven by
interest income that jumped 16%.
The results were, however, slightly below expectations of net
profit of EUR2.34 billion and revenue of EUR12.19 billion,
according to analysts' consensus provided by FactSet.
At its Corporate & Institutional Banking arm, revenue
increased 18%, with all three businesses areas growing by double
digits.
But commission income fell 5.9% to EUR2.75 billion.
The Paris-based lender also raised its midterm targets,
including for net income to grow on average by more than 9% and
earnings per share by more than 12% between 2022 and 2025, and now
aims for return on tangible equity of around 12% in 2025.
BNP added that it would return EUR5 billion to shareholders via
two tranches of share buybacks in 2023, with EUR4 billion related
to the recently completed sale of Bank of the West and EUR1 billion
in an ordinary distribution.
It has asked the European Central Bank for permission for the
first EUR2.5 billion, it said.
The company declared a dividend of EUR3.90 for 2022.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
February 07, 2023 01:20 ET (06:20 GMT)
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