BNP Paribas (BNP) Q2 2025 earnings summary

Executive summary

• Q2 2025 delivered solid operating performance with revenues up 2.5% year-over-year to €12,581m and net income of €3,258m, despite a higher tax rate compared to Q2 2024.

• Net income for 2025 is expected to exceed €12.2bn, driven by H2 acceleration and the integration of AXA IM, in line with the 2024-2026 trajectory.

• Interim dividend of €2.59 per share to be paid in September 2025; share buyback of €1.08bn completed in June.

• Strategic focus on cost control, efficiency, and integrated business model, with major technological investments and governance changes.

• H1 2025 net income attributable to equity holders was €6,209m, with basic and diluted EPS at €5.18.

Financial highlights

• Q2 2025 revenues reached €12,581m (+2.5% year-over-year); gross operating income rose 5.0% to €5,349m; operating expenses increased 0.8% to €7,232m.

• Net profit for Q2 2025 was €3,258m, down 4% year-over-year due to a higher tax rate; H1 2025 net income was €6,209m.

• Cost of risk at 38 bps, up 5 bps year-over-year, with stage 3 provisions down 9 bps year-over-year.

• Operating jaws at 1.7 percentage points, above the 1.5% ambition; cost/income ratio improved to 57.5%.

• CET1 ratio stable at 12.5% as of 30 June 2025; leverage ratio at 4.4%; LCR at 136%.

Outlook and guidance

• Net profit for 2025 expected above €12.2bn, with H2 revenue growth over 5% (excluding AXA IM); 2024-2026 trajectory confirmed.

• Return on tangible equity targeted at 11.5% in 2025 and 12% in 2026, with >7% net income CAGR and >8% EPS CAGR through 2026.

• Additional €600m cost savings planned for both 2025 and 2026, with €380m achieved in 1H25.

• Commercial banks in the Eurozone expected to deliver over 3% revenue growth in 2025.

• Moderate growth expected in advanced economies, with euro area GDP growth projected to accelerate from 0.8% in 2024 to 1.5% in 2027.