BNP Paribas announces €5bn share buyback
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BNP Paribas intends to buy back its shares from investors for €5 billion this year, of which €4 billion is related to sale American subsidiary in 2021 to the Canadian bank Bank of Montreal, and €962 million will be paid as part of the bank’s standard program for the annual repurchase of its shares.
In addition, the French bank reported on receipt of net profit in the fourth quarter of the year in the amount of €2.15 billion. This is 6.7% worse than in the previous year, and also worse than analysts’ forecasts, who expected the company to receive a profit of €2.3 billion.
The bank’s revenue grew by 7.8% in the quarter, to €12.1 billion, which almost coincided with analysts’ expectations.
At the same time, BNP raised its own profitability targets for the medium term. Thus, the bank now expects that net profit will grow by 9% by 2025, and not 7%, as BNP previously planned. Return on equity, a key indicator of profitability, BNP expects to see at the level of 12% instead of the previous target of 11%. Finally, the company set a new target for earnings-per-share growth of more than 12% over the period.
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