The figures included in this presentation are unaudited.
This presentation includes forward-looking statements based on current beliefs and expectations about future events. Forward-looking statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future events, operations, products and services, and statements regarding future performance and synergies. Forward-looking statements are not guarantees of future performance and are subject to inherent risks, uncertainties and assumptions about BNP Paribas and its subsidiaries and investments, developments of BNP Paribas and its subsidiaries, banking industry trends, future capital expenditures and acquisitions, changes in economic conditions globally, or in BNP Paribas' principal local markets, the competitive market and regulatory factors. Those events are uncertain; their outcome may differ from current expectations which may in turn significantly affect expected results. Actual results may differ materially from those projected or implied in these forward-looking statements. Any forward-looking statement contained in this presentation speaks as of the date of this presentation.
BNP Paribas undertakes no obligation to publicly revise or update any forward-looking statements in light of new information or future events. It should be recalled in this regard that the Supervisory Review and Evaluation Process is carried ort each year by the European Central Bank, which can modify each year its capital adequacy ratio requirements for BNP Paribas.
The information contained in this presentation as it relates to parties other than BNP Paribas or derived from external sources has not been independently verified and no representation or warranty expressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. Neither BNP Paribas nor its representatives shall have any liability whatsoever in negligence or otherwise for any loss however arising from any use of this presentation or its contents or otherwise arising in connection with this presentation or any other information or material discussed.
The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding.
Photo credits (cover page): onlyyouqj; HBS; A_B_C; Adam (Adobe stock).
Unless otherwise mentioned, the financial information and items contained in this announcement include the activity related to BancWest reflecting an operational view. Such financial information and items therefore do not reflect the effects produced by applying IFRS 5, which pertains to non-current assets and liabilities held for sale. The press release pertaining to 2022 full year results includes in appendix a reconciliation between the operational view presented without applying IFRS 5 and the consolidated financial statements based on an application of IFRS 5.
2022 Full Year Results | 2
2022: Very solid results driven by the strength of BNP Paribas' model
Strong growth in revenues, supported by all divisions
Positive jaws effect
(+0.7 pt, +1.5 pt excluding the contribution to the Single Resolution Fund)
Prudent, proactive and long-term risk management reflected in low cost of risk
Very strong increase in net income 4
(+19.0% vs. 2021 excluding exceptional items 5 )
Return to shareholders of 60% applied to distributable income including the contribution of Bank of the West 7
Share buyback programme totalling €5bn planned in 2023 10
Revenues: +9.0% vs. 2021
Operating expenses: +8.3% vs. 2021
(+7.6% excl. contribution to the SRF 2 )
(at constant scope and exchange rates)
Revenues: +6.6% vs. 2021
Operating expenses: +5.3% vs. 2021
Cost of risk: 31 bps 3
Net income 4 : €10,196m
CET1 ratio 6 : 12.3%
Dividend 9 : €3.90
1. Including 100% of Private Banking in Commercial & Personal Banking (including PEL/CEL effects in France); 2. Single Resolution Fund; 3. Cost of risk / customer loans outstanding at the beginning of the period (in bps);
4. Group share; 5. See slide 9; 6. CRD4; including IFRS9 transitional arrangements - See slide 16; 7. Subject to the approval of the General Meeting of 16 May 2023 and ECB authorisation;
8. Earnings per Share; 9. Subject to the approval of the General Meeting of 16 May 2023; 10. Subject to ECB authorisation; 11. €962m related to the ordinary distribution of 2022 income and €1.54bn to the sale of BoW
2022 Full Year Results | 3
Sale of Bank of the West
Closing of the sale of Bank of the West to BMO Financial Group on 1 February 2023
Total consideration of $16.3bn ,
Net capital gain on sale 2 :
or a P/TBV multiple of 1.72x 1
~€2.9bn booked in 1Q23
Release of Common Equity Tier 1 (CET1) capital from the sale:
~€11.6bn (~170 bps) in 1Q23
Strengthening the diversified & integrated model
Gradual and disciplined redeployment of ~€7.6bn,
Compensation of dilution related to the sale
Share buyback programmes: €4bn planned for
2023, or (~60 bps) 3
1. Tangible book value as at 30.09.21; 2. Booking in non-operating exceptional items under Corporate Centre in 1Q23;
3. €4.04bn - upon customary condition precedents, including ECB authorisations; 4. Request submitted to the ECB for €1.54bn together with €962m related to the ordinary distribution of 2022 income
2022 Full Year Results | 4
Strategic pillars reaffirmed, ambitions revised upward
Additional growth potential supporting a trajectory revised upward
Additional growth with the redeployment of capital released by the sale of Bank of the West (~€7.6bn, or ~110 bps of CET1 1 )
~+€3.0bn (C/I ~60% and ROTE 4 ~12%)
of additional revenues by 2025 compared to the initial assumptions of the GTS 2025 plan
Net income 2 : CAGR 22-25 >+9%
EPS 3 : CAGR 22-25 >+12%, or 40% over the period
Combined with the positive impact of the rise
in interest rates in 2022
>+€2.0bn (~80% benefiting CPBS)
of additional revenues by 2025 compared to the initial assumptions of the GTS 2025 plan
Positive jaws effect every year > 2 pts on average 5
1. After the share buyback programmes related to the sale of Bank of the West; 2. Group share; 3. Earnings per share;
4. Return on tangible equity; 5. CAGR 22-25 Revenues minus CAGR 22-25 Operating expenses, excluding the positive impact of the change in accounting standards; see slide 48
2022 Full Year Results | 5
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BNP Paribas SA published this content on 07 February 2023 and is solely responsible for the information contained therein. Distributed by Public , unedited and unaltered, on 07 February 2023 09:41:39 UTC.