Results as at 31 March 2024
SOLID RESULTS
On the strength of its 1st quarter 2024 results, BNP Paribas confirms its 2024 trajectory – revenues more than 2% higher than 2023 distributable revenues(1) (€46.9bn), a positive jaws effect(2), a cost of risk below 40 bps, and Net Income higher than 2023 distributable Net Income(1) (€11.2bn).
First-quarter revenues were stable (-0.4%), driven by very solid business performances within each operating division. Operating expenses decreased (-1.5%). The Group thus generated a positive jaws effect(2) of 1.1 point. The effects of additional operating efficiency measures (400 million euros) are expected to begin showing up in the second quarter 2024.
Net Income (3,103 million euros) was driven by operating performances. Earnings per share(3) amounted to 2.51 euros.
The Group finalised its 1.05-billion-euro share buyback programme on 23 April 2024. The Board of Directors will propose a 4.60-euro dividend to shareholders at the General Meeting of 14 May 2024.
The financial structure is very solid, with a common equity Tier 1 ratio at 13.1%.
On the strength of its diversified and integrated model, the Group achieved good performances in the first quarter 2024, thanks to business momentum in the operating divisions. BNP Paribas continues to demonstrate its ability to generate value and confirms its 2024 trajectory, with revenue growth expected to surpass 2% compared to 2023 and Net Income above the 2023 distributable result. We continue to focus on expanding our market shares, supporting our clients, and rolling out our strategic initiatives. BNP Paribas is well positioned for the new phase of the economic cycle. I thank the teams for their mobilisation.
Jean-Laurent Bonnafé, BNP PARIBAS CEO
consult the press release
The latest figures
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REVENUES
€12,483 m
-
JAWS EFFET (2)
1,1 pt
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COST OF RISK
29 bps
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NET INCOME, GROUP SHARE
€3,103 m
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EPS
€2.51
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CET1
13,1 %
The results in a few words
- Stable revenues (€12,483m) driven by very solid business performances within each operating division
- Positive jaws effect (+1.1 point) [2]
- Cost of risk[4] (29 bps) still low, due to the quality of the loan portfolio
- Pre-tax income up sharply to €4,363m
- Very high Net Income, Group Share, of €3,103m driven by operating performances
- €1.05bn share buyback finalised on 23 April 2024, and €4.60 dividend subject to General Meeting approval on 14 May 2024
- Earnings Per Share[3](€2.51) up sharply
- Financial structure very solid (CET1 ratio of 13.1%)
- Active management of capital including the divestment of Personal Finance businesses in Mexico and ongoing redeployment of capital from the Bank of the West divestment
______________________________
(1) Restatement of quarterly series reported on 29 February 2024. Results serving as a basis for calculating the 2023 distribution reflecting the Group’s intrinsic performance post impact of the Bank of the West divestment and post contribution to the build-up of the Single Resolution Fund (SRF), excluding extraordinary items.
(2) Increase in Group revenues between 2023 (distributable) and 2024 minus the increase in Group operating expenses between 2023 (distributable) and 2024.
(3) Earnings per share at end of period calculated on the basis of Net Income excluding the remuneration of undated super subordinated notes in the first quarter 2024 and the average number of shares outstanding during the quarter.
(4) Cost of risk does not include “Other net losses for risk on financial instruments”.
Previous results
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Results Regulated information Financial reports Annual / 4th quarter
2024-03-15
4Q23 - Consolidated financial statements – annual (audited)
pdf, EN, 3 mo
View
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Results Regulated information Annual / 4th quarter
2024-02-29
Restatement based on 2024 format of 2023 quarterly series - excel file
xlsx, EN, 377 ko
View
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Results Regulated information Annual / 4th quarter
2024-02-29
Restatement based on 2024 format of 2023 quarterly series - pdf file
pdf, EN, 669 ko
View
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Results Regulated information Annual / 4th quarter
2024-02-01
4Q23 - Appendices of the presentation
pdf, EN, 3 mo
View
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Results Regulated information Financial reports Annual / 4th quarter
2024-02-01
4Q23 - Consolidated Financial Statements (unaudited)
pdf, EN, 2 mo
View
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Results Regulated information Annual / 4th quarter
2024-02-01
4Q23 - Slides of the presentation
pdf, EN, 1 mo
View
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Results Regulated information Press release Annual / 4th quarter
2024-02-01
4Q23 - Press release results
pdf, EN, 782 ko
View
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Results Regulated information Annual / 4th quarter
2024-02-01
4Q23 - Quarterly series
xlsx, EN, 1 mo
View
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BNP Paribas key figures
- ActivitIEs
- Results
- EARNINGS AND DIVIDEND PER SHARE
| 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|
| Total assets | 2 591 499 | 2 666 376 | 2 634 444 | 2 488 491 | 2 164 713 |
| Customer deposits | 988 549 | 1 008 054 | 957 684 | 940 991 | 834 667 |
| Customer loans gross | 859 200 | 857 020 | 814 000 | 809 533 | 805 777 |
| Common stockholders' equity | 123 742 | 121 792 | 117 886 | 112 799 | 107 453 |
| CET1 ratio | 13.2% | 12.3% | 12.9% | 12.8% | 12.1% |
| Tier 1 capital ratio | 15.3% | 13.9% | 14.0% | 14.2% | 13.5% |
| Total capital ratio | 17.3% | 16.2% | 16.4% | 16.4% | 15.5% |
| 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|
| Revenues | 45 874 | 50 419 | 46 235 | 44 275 | 44 597 |
| Gross operating income | 14 918 | 16 717 | 15 124 | 14 081 | 13 260 |
| Operating income | 11 236 | 13 752 | 12 199 | 8 364 | 10 057 |
| Pre-tax income | 11 725 | 14 450 | 13 637 | 9 822 | 11 394 |
| Net income Group share | 10 975 | 10 196 | 9 488 | 7 067 | 8 173 |
| 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|
| Earnings per share (1) | 9.21 | 7.80 | 7.26 | 5.31 | 6.21 |
| Net book value per share (2) | 96.0 | 89.0 | 88.0 | 82.3 | 79 |
| Net dividen per share | 4.60(8) | 3.90(7) | 3.67(6) | 2.66(4) | 0.0(3) |
| Pay-out ration (in %) (9) | 50.00(8) | 50.00(7) | 50.00(6) | 50.00(5) | 0.0(3) |
| |||||
| High (10) | 67.02 | 68.07 | 62.55 | 54.22 | 53.81 |
| Low (10) | 47.02 | 40.67 | 39.71 | 24.51 | 38.14 |
| Year-end | 62.59 | 53.25 | 60.77 | 43.105 | 52.83 |
| CAC 40 Index on 31st December | 7 543.18 | 6 473.76 | 7 153.03 | 5 551.41 | 5 978.06 |
(1) Based on the average number of shares outstanding during the year. Calculated in 2023 on the basis of the distributable 2023 earnings and the number of shares outstanding at year-end.
(2) Before distribution. Revalued net book value based on the number of shares outstanding at year-end 2023, net earnings per share calculated on a number of shares outstanding at year-end.
(3) Following ECB/2020/19 recommendation of the European Central Bank of 27 March 2020 on dividend distribution policies during the Covid-19 pandemic, the distribution of EUR 3.10 per share initially proposed to the Annual General Meeting of 19 May 2020, was appropriated to “Other reserves”.
(4) UR 1.11 distributed following the approval of the Shareholders’ Combined General Meeting of 18 May 2021, plus EUR 1.55 distributed following the approval of the Ordinary Annual General Meeting of 24 September 2021; taking into account only the distribution of the 2020 dividend.
(5) Taking into account only the distribution of the 2020 dividend.
(6) Taking into account only the distribution of the 2021 dividend and not taking into account the EUR 900 million share buyback programme, executed between 1 November 2021 and 6 December 2021.
executed between 1st November 2021 and 6 December 2021.
(7) Taking into account only the distribution of the 2022 dividend and not taking into account the EUR 962 million share buyback programme in respect of the so-called “ordinary” distribution.
(8) Subject to approval by the Annual General Meeting of 14 May 2024 and not taking into account the EUR 1.05 billion share buyback programme planned for 2024.
(9) Cash dividend distribution recommended at the Annual General Meeting expressed as a percentage of distributable net income attributable to shareholders.
(10) Recorded intra-day during trading session.
