BNP Paribas SA’s fourth-quarter revenue fell however income rose on bumper web curiosity revenue, because it raised its targets to 2025 and mentioned it might launch a 5 billion euro share buyback.
The French financial institution
BNP,
the most important within the eurozone by market capitalization, reported web revenue of two.15 billion euros ($2.31 billion) within the three months to December, down from EUR2.31 billion in the identical interval in 2021.
Revenue rose 7.8% on 12 months to EUR12.11 billion, pushed by curiosity revenue that jumped 16%.
The outcomes have been, nevertheless, barely beneath expectations of web revenue of EUR2.34 billion and income of EUR12.19 billion, in line with analysts’ consensus offered by FactSet.
At its Corporate & Institutional Banking arm, income elevated 18%, with all three companies areas rising by double digits.
But fee revenue fell 5.9% to EUR2.75 billion.
The Paris-based lender additionally raised its midterm targets, together with for web revenue to develop on common by greater than 9% and earnings per share by greater than 12% between 2022 and 2025, and now goals for return on tangible fairness of round 12% in 2025.
BNP added that it might return EUR5 billion to shareholders by way of two tranches of share buybacks in 2023, with EUR4 billion associated to the just lately accomplished sale of Bank of the West and EUR1 billion in an strange distribution.
It has requested the European Central Bank for permission for the primary EUR2.5 billion, it mentioned.
The firm declared a dividend of EUR3.90 for 2022.
Write to Ed Frankl at edward.frankl@dowjones.com
Source web site: www.marketwatch.com
