PARIS (dpa-AFX) - BNP Paribas (BNPQY.PK) Thursday reported pre-tax income of 4.240 billion euros for the first quarter, 2.8% lower than 4.363 billion euros in the same quarter a year ago.
Operating income was 3.922 billion euros, 0.3% up from 3.901 billion euros last year, while non-operating items declined to 318 million euros from 462 million euros.
Net income, group share decreased 4.9% to 2.951 billion euros from 3.103 billion euros a year ago.
Revenue for the quarter grew 3.8% to 12.960 billion euros from 12.483 billion euros in the previous year.
Net banking income (NBI) for Corporate & Institutional Banking (CIB) increased 12.5% to 5.283 billion euros, driven by the positive effect of very good performances from all three business lines. NBI for Commercial, Personal Banking & Services (CPBS) grew 1.2% to 6.532 billion euros, while revenues for Investment & Protection Services (IPS) rose 6.6% to 1.496 billion euros.
The company has proposed a dividend of 4.79 euros per share for 2024, to be paid on May 21.
Additionally, BNP Paribas said it has received authorisation to repurchase 1.08 billion euros of shares and plans to launch the buyback in the second quarter.
Looking ahead, BNP Paribas has confirmed its 2024-2026 trajectory including more than 5% compound annual growth rate (CAGR) in revenues; CAGR above 7% in net income; and CAGR more than 8% in EPS.
'We confirm our 2024-2026 trajectory, driven by the strength of our diversified model and our resilience in the face of economic cycles. In an uncertain environment, Europe is reinvesting. March 2025 was a turning point, with a new investment plan in Germany, the 2030 Readiness Plan, and the European Commission's strategy for the Savings and Investments Union (SIU). We are perfectly positioned to support this new investment cycle which should materialise in the medium term,' said Jean-Laurent Bonnafé, Chief Executive Officer.
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