Thursday, March 30, 2023
  • Login
Euro Times
No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
Euro Times
No Result
View All Result

BNP Paribas shares volatile after misses Q4 expectations, raises 2025 targets By Reuters

by Reuters
February 7, 2023
in Stock Market
Reading Time: 2 mins read
A A
0
Home Stock Market
Share on FacebookShare on Twitter


© Reuters. FILE PHOTO: BNP Paribas is seen in this illustration taken, May 1, 2022. REUTERS/Dado Ruvic/Illustration

By Mathieu Rosemain and Matthieu Protard

PARIS (Reuters) -Shares in BNP Paribas (OTC:) fluctuated between red and green territory in early trading on Tuesday after the euro zone’s biggest bank raised its 2025 targets but missed market expectations for the fourth quarter.

BNP’s stock was edging up 0.6% at 0822 GMT, reversing course soon after market open.

The euro zone’s biggest lender’s earnings were dragged down by a jump in the funds it set aside for bad loans and higher costs offset a boom in trading sales.

The bank’s more profitable trading business performed well, with a 24% rise in global markets revenue, as market volatility boosted trading in commodity derivatives, rates, foreign exchange and emerging markets.

Under Chief Executive Jean-Laurent Bonnafe, BNP has been growing securities trading, in part taking advantage of rivals’ retrenchment as Wall Street firms from Goldman Sachs (NYSE:) to Morgan Stanley (NYSE:) axe jobs amid a slump in dealmaking.

BNP’s solvency ratio has notably benefited from the $16.3 billion sale of the group’s U.S. retail business Bank of the West. The transaction, closed on Feb. 1, will fund the bulk of the share buyback, that will be carried out in two tranches.

With the proceeds from the U.S. sale and expectations of more than 2 billion euros in added revenue from interest rate rises, the bank now sees average annual growth in net income of more than 9% between 2022 and 2025, up from a previous 7% forecast.

It also expects a return on tangible equity (ROTE) of around 12%, compared to a previous target of more than 11%.

“We are setting ambitious financial targets and pursuing our technological advances,” Chief Executive Jean-Laurent Bonnafé said.

In the three months to end December, BNP Paribas’ net income fell by 6.7% from a year earlier to 2.15 billion euros ($2.31 billion), missing the 2.37 billion-euro mean estimate of six analysts compiled by Refinitiv.

The decrease notably stemmed from a 52% jump from a year earlier in the cost of risk — money set aside for failing loans — as well as exceptional operating expenses on restructuring costs and IT reinforcement.

The group cited higher inflation and rising interest rates to explain the hike in provisions for some of its less risky loans in 2022.  

($1 = 0.9326 euros)



Source link

Tags: BNPexpectationsmissesParibasraisesReuterssharestargetsvolatile
Previous Post

SoftBank Vision Fund posts another quarterly loss as tech slump bites

Next Post

Standard Chartered granted in-principle China securities firm licence | china, standard chartered, securities, foreign ownership, investment, liberalisation, rmb

Related Posts

LME Nickel Buyers Worried About Fraudulent Nickel Scandal

by Euro Times
March 30, 2023
0

Ivorr/iStock via Getty Images Original Post By Stuart Burns The London Metal Exchange is back in the limelight again, along...

BlackRock calls on clients to rethink hedging strategy after UK pension crisis By Reuters

by Reuters
March 30, 2023
0

© Reuters. FILE PHOTO: A BlackRock building is seen in New York June 12, 2009. REUTERS/Eric Thayer By Tommy Wilkes...

Tyson Foods: A Buy, The Worst Case Scenario Is Likely Priced In (NYSE:TSN)

by Euro Times
March 30, 2023
0

pixdeluxe/E+ via Getty ImagesInvesting in stocks at or near the bottom is always hard. The easiest way to invest is...

an end run around DeSantis By Reuters

by Reuters
March 30, 2023
0

2/2 © Reuters. FILE PHOTO: People gather at the Magic Kingdom theme park before the "Festival of Fantasy" parade at...

IUSV: Transparent Value With Modest Active Risk (NASDAQ:IUSV)

by Index Investing News
March 29, 2023
0

Mongkol OnnuanThis is the next article of my little series about value exchange-traded funds, or ETFs. After introducing systematic value...

Electronic Arts is cutting about 800 jobs, or 6% of workforce, and reducing office space

by /u/Puginator
March 29, 2023
0

https://www.cnbc.com/2023/03/29/ea-laying-off-6percent-of-workforce-reducing-office-space.html Electronic Arts is cutting 6% of its workforce, equal to about 800 jobs, and reducing office space, the video...

Next Post

Standard Chartered granted in-principle China securities firm licence | china, standard chartered, securities, foreign ownership, investment, liberalisation, rmb

HKMA to introduce regulatory framework for stablecoins | hkma, stablecoins, regulation, asia, hong kong, central bank, rocky tung, fsdc, peter burnett, standard chartered, kishore bhindi, linklaters

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

LME Nickel Buyers Worried About Fraudulent Nickel Scandal

March 30, 2023

Stocks firmer as investors bet banking crisis is behind them By Reuters

March 30, 2023

E3 2023 is on the ropes as more publishers pull out

March 30, 2023

OKX Moves $157M Frozen Assets Linked to FTX, Alameda

March 30, 2023

BlackRock calls on clients to rethink hedging strategy after UK pension crisis By Reuters

March 30, 2023

How the Nashville grade school shooter was able to get guns legally

March 30, 2023
Euro Times

Get the latest news and follow the coverage of Business & Financial News, Stock Market Updates, Analysis, and more from the trusted sources.

CATEGORIES

  • Business
  • Cryptocurrency
  • Finance
  • Health
  • Investing
  • Markets
  • Politics
  • Stock Market
  • Technology
  • Uncategorized
  • World

LATEST UPDATES

LME Nickel Buyers Worried About Fraudulent Nickel Scandal

Stocks firmer as investors bet banking crisis is behind them By Reuters

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In