BNP Paribas (BNP) Q4 2025 earnings summary

Executive summary

• Achieved record fourth quarter 2025 with strong operating performance and net profit rising 28% to €2,972m, confirming 2025 objectives and raising 2028 targets.

• Revenue growth was driven by a diversified and integrated business model, with all divisions contributing positively.

• The group is revising its 2024 trajectory upwards and reaffirmed 2026–2028 profitability and capital goals.

• Strategic transformation plans, including support function overhaul and increased AI adoption, underpin long-term efficiency and value creation.

• Continued focus on digital transformation, AI, and sustainability initiatives.

Financial highlights

• 4Q25 revenues: €13,113m (+8.0% vs. 4Q24); 2025 revenues: €51,223m (+4.9% vs. 2024).

• 4Q25 net income: €2,972m (+28.0% vs. 4Q24); 2025 net income: €12,225m (+4.6% vs. 2024).

• Gross operating income up 13.3% in 4Q25 and 6.5% for 2025.

• Cost of risk at 34 bps in 4Q25, well below the 40 bps target.

• EPS for 2025: €10.29 (+7.5% vs. 2024); dividend per share: €5.16 (+7.7%), with a final dividend of €2.57 to be paid in May.

Outlook and guidance

• 2026 targets: ROTE 12%, net income >€12.2bn, CET1 ratio 12.6%, cost of risk <40 bps, cost-income ratio 60%.

• 2028 targets: ROTE >13%, cost/income ratio <56%, net income CAGR >10% (2025-2028), CET1 ratio 13%.

• Distribution policy confirmed at 60% for 2026, with future policy not below 60% and surplus CET1 above 13% to be distributed annually from 2027.

• Additional €600m in recurring cost savings planned for 2026, with total savings of €3.5bn by 2026.