BNP Updates 2020 Targets as 4Q Net Profit Rises

Date : 02/06/2019 @ 6:33AM
Source : Dow Jones News
Stock : Bnp Paribas (QX) (BNPQY)
Quote : 24.17  0.06 (0.25%) @ 9:16PM

BNP Updates 2020 Targets as 4Q Net Profit Rises

BNP Paribas (EU:BNP)
Historical Stock Chart

6 Months : From Jan 2019 to Jul 2019

Click Here for more BNP Paribas Charts.
   By Pietro Lombardi 
 

BNP Paribas SA (BNP.FR) cut its revenue guidance and vowed to increase cost savings as fourth-quarter net profit rose.

Net profit for the period rose 1.1% on year to 1.44 billion euros ($1.64 billion), the bank said Wednesday.

France's largest listed bank by assets posted a 3.5% decline in revenue to EUR10.16 billion.

BNP updated its 2020 targets. It now sees revenue growth of 1.5% per year between 2016 and 2020, down from a previous guidance of 2.5%. It also increased its recurring cost savings target to EUR3.3 billion from 2020, up from a previous target of EUR2.7 billion. Of the additional EUR600 million, roughly EUR350 million will come from its corporate and institutional banking unit, it said.

The bank said it would propose a dividend of EUR3.02 per share, stable compared with the previous year.

The bank's core Tier 1 capital ratio--a key measure of capital strength--rose to 11.8% in December from 11.7% in September.

 

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

 

(END) Dow Jones Newswires

February 06, 2019 01:18 ET (06:18 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

Latest BNPQY Messages

{{bbMessage.M_Alias}} {{bbMessage.MSG_Date}} {{bbMessage.HowLongAgo}} {{bbMessage.MSG_ID}} {{bbMessage.MSG_Subject}}

Loading Messages....


No posts yet, be the first! No {{symbol}} Message Board. Create One! See More Posts on {{symbol}} Message Board See More Message Board Posts


Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.


NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.