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    BNP   FR0000131104

BNP PARIBAS

(BNP)
  Report
Real-time Euronext Paris  -  11:39:10 2023-03-28 am EDT
51.97 EUR   +0.35%
11:56aStable Business, Employment Data Help Extend French Bourse Rally
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BNP Paribas misses Q4 market expectations, raises 2025 targets

02/07/2023 | 01:08am EDT
FILE PHOTO: Illustration shows BNP Paribas logo

PARIS (Reuters) - BNP Paribas, the euro zone's biggest lender, posted a lower-than-expected net profit in the fourth quarter, as a jump of its cost of risk and higher operating expenses offset a boom in its trading sales.

The bank, however, raised its 2025 targets and announced a 5 billion-euro share buyback program in 2023.

In the three months to end December, net income fell by 6.7% from a year earlier to 2.15 billion euros ($2.31 billion). This missed the 2.37 billion-euro mean estimate of six analysts compiled by Refinitiv.

The decrease notably stemmed from a 52% jump from a year earlier in the cost of risk -- money set aside for failing loans -- to 773 million euros.

The group cited the current context of higher inflation and rising interest rates to explain the hike in provisions for some of its less risky loans in 2022.

BNP Paribas said, however, that its cost of risk was low, adding that its core tier one ratio - a measure of a bank's ability to withstand shocks - stood at 12.3% at the end of December.

The solvency ratio has notably benefited from the sale of the group's Bank of the West in the United States for $16.3 billion. The transaction, closed on Feb. 1, will fund the bulk of the 5 billion-euro share buyback, the French bank said.

The proceeds from the Bank of the West sale, combined with expectations of more than 2 billion euros in added revenues from the rise in interest rates, led BNP Paribas to raise its 2025 targets.

It now sees an average annual growth in net income of more than 9% between 2022 and 2025, up from a forecast of more than 7%. It also expects a return on tangible equity (ROTE) of around 12%, compared to a previous target of more than 11%.

($1 = 0.9326 euros)

(Writing by Mathieu Rosemain; Editing by Ingrid Melander)

By Mathieu Rosemain and Matthieu Protard


ę Reuters 2023
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / EURO (AUD/EUR) 0.38% 0.6183 Delayed Quote.-3.02%
BNP PARIBAS 0.35% 51.97 Real-time Quote.-2.74%
BRITISH POUND / EURO (GBP/EUR) -0.01% 1.13765 Delayed Quote.0.56%
CANADIAN DOLLAR / EURO (CAD/EUR) 0.07% 0.678219 Delayed Quote.-2.02%
INDIAN RUPEE / EURO (INR/EUR) -0.40% 0.011226 Delayed Quote.-0.08%
US DOLLAR / EURO (USD/EUR) -0.35% 0.922186 Delayed Quote.-0.70%
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Analyst Recommendations on BNP PARIBAS
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Financials
Sales 2022 50 156 M 54 382 M 54 382 M
Net income 2022 10 506 M 11 391 M 11 391 M
Net Debt 2022 - - -
P/E ratio 2022 6,50x
Yield 2022 7,70%
Capitalization 64 102 M 69 503 M 69 503 M
Capi. / Sales 2022 1,28x
Capi. / Sales 2023 1,31x
Nbr of Employees 190 000
Free-Float 86,8%
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Mean consensus BUY
Number of Analysts 20
Last Close Price 51,97 €
Average target price 74,30 €
Spread / Average Target 43,0%
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Managers and Directors
Jean-Laurent BonnafÚ Co-Chief Operating Officer & Director
Lars Machenil Chief Financial Officer
Jean Lemierre Chairman
Bernard Gavgani Chief Information Officer
Yann GÚrardin Chief Operating Officer
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