Financial results of BNP Paribas Group for the first quarter of 2024
In Q1 2024, UKRSIBBANK’s main shareholder BNP Paribas Group achieved very good results thanks to a diversified and integrated business model.
On the strength of its 1st quarter 2024 results, BNP Paribas confirms its 2024 trajectory – revenues more than 2% higher than 2023 distributable revenues3 (€46.9bn), a positive jaws effect5, a cost of risk below 40 bps, and Net Income higher than 2023 distributable Net Income3 (€11.2bn).
- Stable revenues (€12,483m) driven by very solid business performances within each operating division
- Positive jaws effect (+1.1 point)
- Cost of risk1 (29 bps) still low, due to the quality of the loan portfolio
- Pre-tax income up sharply (+7.4% vs. 1Q23 distributable3 ) to €4,363m
- Very high Net Income of €3,103m2 (-2.2% vs. 1Q23 distributable3), 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 Share4 (€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
Cost of risk does not include «Other net losses for risk on financial instruments».
Net Income, Group share.
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.
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.
Increase in Group revenues between 2023 (distributable) and 2024 minus the increase in Group operating expenses between 2023 (distributable) and 2024.
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.
The full version of the financial results can be found at the following link: BNP Paribas Group: Results as at 31 March 2024 – BNP Paribas