Global growth, rebounding quite sharply at the end of the health crisis, slowed down abruptly in all major economies with, overall, for the year 2022, rates of +2.1% in the United States, +3% in China, +3.5% in the eurozone and +2.6% in France(1).
Even if the spectre of a recession seems to be diminishing, our environment remains unstable and particularly uncertain. The transition towards an exit from the crisis is proving to be longer than we might have expected. However, imbalances are being reduced thus paving the way for a return to growth. Prospects for a return to normal are thus emerging for 2024, after 2023 which, according to the latest forecasts, will remain marked by very low growth in the United States and the eurozone.
“Confident in the relevance of our strategic orientations, supported by a solid and balanced governance, we accompany the economic and societal changes currently facing the world.”
Whichever the exit scenario from this crisis, in the face of the acceleration of climate change, which is tangibly reflected in the intensification of natural disasters — five times as many occur in the world compared to fifty years ago according to the World Meteorological Organization — BNP Paribas will fully play its role in supporting the transition towards a sustainable economy. This is why we launched a further phase of strong transition acceleration in our low-carbon energy production financing activities, early 2023.
We thus confirm our position at the forefront of sustainable finance and as leader of the major international players financing the ecological transition. And in this context, we intend, more than ever, to act in line with our responsibilities as the European Union’s leading bank, particularly by contributing to the programmes and measures taken by the Twenty-Seven, as part of the Green Deal, to achieve climate neutrality and become the first carbon-neutral continent by 2050.
To further and amplify our momentum, we are building on the solid results achieved by BNP Paribas in 2022, despite an unfavourable market environment. These results put us in a good position to deploy our GTS 2025 strategic plan with confidence and determination. We are also fulfilling our commitments to shareholders at the sale of Bank of the West, with a share buyback programme of €5bn in returns to offset the impact of this disposal. In a context of rising interest rates that will have a positive effect on our revenues, the fruits of the sale of our California subsidiary will also enable us to strengthen our investment capacities both to support the development of our business lines and to continue to strengthen the technologies that are critical to our performance and competitiveness. This context allows us to revise our targets upwards for growth in net income, return on tangible assets and annual growth in net earnings per share.
Confident in the relevance of our strategic orientations and supported by a solid and balanced governance, we accompany worldwide economic and societal changes with ethics at the heart of our practices and a spirit of responsibility in the way we serve the common good. Building on the quality and solidity of our model, and thanks to the commitment of our teams, we continue to support our shareholders and to earn the trust of our customers — and remain fully mobilised to serve a more sustainable economy and a more inclusive society.
Interview conducted on 16 March 2023.
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(1) Source: OECD, March 2023.
