BNP Paribas - ADR - Level I

Strong Q4 and Full Year Results: BNP Paribas reported an impressive 8% revenue growth in Q4 2025, with net profit soaring by 28% to nearly EUR 3 billion, marking a quarter record. For the full year, 2025 is characterized by robust revenue momentum across businesses, contributing to a CET1 ratio of 12.6%, slightly above the prior year.

Revised Growth Targets: The bank has upped its return on tangible equity target for 2028 from 13% to above 13%, driven by ongoing cost-income improvements and operational efficiencies, including a new transformation plan aimed at reducing the cost-to-income ratio from around 58% to below 56% by 2028.

Capital Generation and Dividends: BNP Paribas is focused on capital build, projecting to reach a CET1 target of 13% by the end of 2027. This includes a commitment to maintaining a strong dividend payout, with a 60% distribution policy confirmed for 2026, and potential capital gains contributing to future payouts.