Amplify and accelerate our progress
Thanks to BNP Paribas’ solidity, the strength of our diversified and integrated model and the expertise of our teams, the Group achieved a very good performance in 2022. This performance reflects our unique position as a European leader, relying on leading platforms to support the dynamism of our customers and their ability to adapt, and to support the economy.
On the strength of these results, which confirm the relevance of our 2025 strategic plan, and confident in its ability to pursue disciplined and sustainable growth, the Group has revised its objectives upwards for the three pillars of the Growth, Technology, Sustainability 2025 plan. We are setting ambitious financial targets and continuing our technological advances. We are strengthening our commitments to a sustainable economy and are entering a new stage of acceleration for the financing of the energy transition. We will continue, with our customers, the transformation effort that has already made it possible to shift our financing from energy production to a majority of low-carbon energies.
“Thanks to our solid performance, upwardly revised goals, and our role as a confirmed leader in the financing of the energy transition, we are very well positioned to support the economy and accompany our customers over the long term by providing them with all our expertise.”
The Group’s performance in 2022
+9%
Growth rate of revenues in 2022 compared to 2021
+7.5%
Growth rate of net income Group share in 2022 compared to 2021 (+19% excluding exceptional items)
10.2%
rate of return on tangible equity
12.3%
CET1 ratio(1)
GROWTH
Building on our European leadership to continue our growth
With GTS 2025, we continue to benefit from the full support of our integrated, distinctive and efficient model. Based on our position as a European leader with powerful business platforms, we will continue to grow by gaining market shares at marginal cost, thereby creating new opportunities and generating substantial economies of scale.
Two additional growth drivers
In addition, we now benefit from two new growth drivers. The first is strengthening our model by reallocating a large part of the capital(1) released with the sale of Bank of the West on 1 February 2023. This allocation will be done in a gradual and disciplined manner and will support the development of our business lines. Three quarters will be invested in strengthening our organic growth in our most promising business lines. The remaining quarter will be used to pursue our highly targeted external growth strategy. We will thus make investments in innovative business models and acquisitions with high added value in fields of expertise or in cutting-edge technologies. These acquisitions will complement our range of products and services, for example in insurance and payments, and strengthen our industrial platforms. As such, in 2022, we acquired Kantox, the automated foreign exchange risk management specialist. In total, this strategy is expected to generate €3bn in additional revenue by 2025, compared to our initial forecasts.
The second driver is linked to the positive impact of the increase in interest rates, and should enable us to generate more than €2bn in additional revenue by 2025 compared to our initial forecasts. Building on the performance of our model, and incorporating the additional potential of these two drivers, the Group has revised upwards its average annual objective for growth in net income Group share, by more than 9% between 2022 and 2025. The Group anticipates strong and regular average annual growth in net earnings per share of more than 12%, an increase of 40% over the period 2022-2025. BNP Paribas reaffirms its objective of generating a positive jaws effect each year of above 2 points on average(2). It reinforces the cumulative recurring cost savings targets by 2025 to €2.3bn. The Group is thus aiming for a target return on tangible equity (ROTE) which will be revised upwards to around 12% in 2025.
(1) Common Equity Tier 1 (CET1), fully loaded Basel 3. Solvency ratio. Capital Requirements Directive (CRD 5).
(2) CAGR (compound annual growth rate) 2022-2025 Revenues minus CAGR 2022-2025 Operating Expenses, excluding the positive impact of the change of accounting standard (application of IFRS 17 effective 01/01/23).