French bank BNP Paribas reports bumper profit for 2022, boosts stock purchase plan

BNP Paribas reported Tuesday a 7% emergence successful nett income for 2022 and revised up its nett targets.

The French slope said nett net attributable to shareholders came successful astatine 2.2 cardinal euros ($2.36 billion) for the 4th quarter, taking its full-year nett fig for 2022 to 10.2 cardinal euros. Analysts had expected a fig of 2.36 cardinal euros for the 4th and 10.9 cardinal euros for the year, according to Refinitiv.

Here are different highlights from the results:

• Annual revenues roseate to 50.4 cardinal euros versus 46.2 cardinal euros a twelvemonth ago;
• Operating expenses roseate 8.3% from a twelvemonth agone to 33.7 billion;
• CET 1 ratio, a measurement of slope solvency, stood astatine 12.3% versus 12.1% successful the erstwhile quarter.

Shares of the French slope are down astir 7% implicit the past year.

"On the spot of this show and with further maturation imaginable stemming from the redeployment of superior released by the merchantability of Bank of the West, combined with the affirmative interaction of the emergence successful involvement rates successful 2022, the Group reaffirms the value and relevance of the pillars of its Growth, Technology & Sustainability 2025 strategical program and is revising upward its ambitions," the slope said successful a statement.

The French lender said it present aims to turn its nett income by much than 9% betwixt 2022 and 2025.

It said it volition execute stock buybacks each twelvemonth — peculiarly successful 2023, erstwhile its stock buyback programme volition full 5 cardinal euros. It is readying to wage retired a dividend of 3.90 euros.

This is simply a breaking quality communicative and is being updated.