BNP Paribas (BNP) Q3 2026 earnings summary

Executive summary

• 3Q26 revenue reached €13,757m, up 9.5% YoY; operating income rose 17.7% to €4,756m and net income attributable to equity holders increased 13.5% to €3,456m.

• 9M26 ROTE was 13.2% versus 11.4% in 9M25; EPS was €9.36, up 20.1% YoY.

• Broad divisional growth, positive jaws and cost of risk within guidance supported confidence in the 2026 trajectory and 2028 ambitions.

Financial highlights

• 9M26 revenue rose 10.0% to €41,904m; operating income increased 13.5% to €13,992m and net income attributable to equity holders 19.1% to €11,018m.

• 3Q26 cost/income ratio improved 2.3 points YoY to 58.3%; Group jaws were 4.1 points, including 2.8 points in operating divisions.

• 3Q26 operating expenses rose 5.3% to €8.02bn, below revenue growth of 9.5%; 9M26 expenses increased 7.0%.

• Cost savings reached €540m in 9M26, including €200m in Q3, against a 2026 target of €700m.

Outlook and guidance

• 2026 net income growth target is >7% CAGR versus 2024; 2026 ROTE target is 12%, and cost/income ratio is projected at ~60%.

• 2025–2028 net income CAGR target is >10%; 2028 ROTE is targeted above 13% and cost/income ratio below 56%.

• Year-end 2026 CET1 guidance was raised to >13%; cost-of-risk guidance remains below 40 bps.

• Net cost savings target is ~€4bn for 2027–2030, including ~€2.4bn from support functions; annual savings are expected to reach €1bn from 2027.

• Eurozone commercial and personal banking revenue growth guidance remains at least 5% annually; Arval and Leasing Solutions gross operating income is expected to be broadly stable in 2027 versus 2026.