BNP Paribas (BNP) investor relations material

Executive summary

• Delivered strong 2Q26 results with 12% revenue growth, nearly 16% increase in operating income, and robust operational performance across all divisions, supporting 2026 and 2028 targets.

• Net profit rose by one-third to €4,345m, supported by a significant €858m capital gain from the AGI, Ageas transaction.

• Achieved CET1 ratio of 13% (+20 bps QoQ), reaching the 2027 target 18 months ahead of schedule, with continued focus on cost control and efficiency.

• Announced interim dividend of €3.23 per share, up 24.7% YoY, equivalent to 50% of H1 2026 EPS.

• Strategic plans, including AXA IM integration and AI-driven transformation, are underway, targeting double-digit EPS and net income growth through 2028.

Financial highlights

• Revenues up 12% year-over-year to €14,091m; operating income up 15.9% to €5,057m; net income up 33.4% to €4,345m.

• Cost/income ratio improved to 56.7% (-0.8 pts YoY); gross operating income up 14.1%.

• Exceptional capital gain of €858m from Ageas/AGI transaction.

• Cost of risk at 39 bps (€949m), stable year-over-year, with €95m added for geopolitical provisions.

• LCR at 149%, leverage ratio at 4.4%, and ROTE at 13.3%.

Outlook and guidance

• Confident in exceeding 2026 targets, with double-digit EPS and net income CAGR (>10%) expected from 2025–2028.

• Return on tangible equity expected to exceed 13% in 2028.

• Cost-income ratio targeted below 56% by 2028, with further improvement to 50% by 2030.

• Minimum 60% payout policy from 2027, with potential for higher distributions.

• Strategic plan for 2027–2030 in preparation, leveraging AI and operational transformation.