BNP Paribas Exceeds Q4 Profit Expectations, Raises Financial Targets

BNP Paribas reported higher-than-expected fourth-quarter profits and revised some of its mid-term financial targets. According to Jin10, CEO Jean-Laurent Bonnafe is focused on boosting the company's stock price, which has lagged behind its peers. The French lender achieved a net profit of 2.97 billion euros (approximately $3.5 billion) for the three months ending in December, surpassing analysts' expectations of 2.86 billion euros. Revenue during the period also exceeded forecasts, with credit provisions decreasing, although cost expenditures were higher than anticipated. BNP Paribas has raised its 2028 earnings target to a return on tangible equity (ROTE) of over 13% and announced a new plan to cut costs by 600 million euros this year, focusing on support functions.