Half Year 2026 BNP Paribas SA Earnings Call Transcript
Key Points
- BNP Paribas (BNPQF) reported a strong revenue growth of 12% in Q2 2026, marking the highest level seen in a decade.
- The company's CET1 ratio reached 13%, achieving its target 18 months ahead of schedule, paving the way for accelerated distribution.
- Operating income increased by nearly 16%, driven by strong performance across various business divisions.
- The company announced an interim dividend of EUR3.23, equivalent to 50% of its first half 2026 EPS.
- BNP Paribas (BNPQF) is on track to exceed its 2026 target and is focused on accelerating EPS growth with a double-digit growth target over 2025-2028.
- The cost of risk remained stable at 39 basis points, with EUR95 million added to provisions due to geopolitical concerns.
- Arval's performance was impacted by geopolitical tensions and rising gas prices, affecting used car sale results.
- The net inflows for asset management in Q2 were lower compared to Q1, which could be seen as disappointing.
- BNL's net interest income is under pressure, with expectations for improvement not clearly defined.
- The corporate center's restructuring charges are significant, with EUR800 million expected for the year, impacting overall financial performance.
Good afternoon, ladies, and gentlemen, and welcome to the presentation of the BNP Paribas second quarter 2026 results with Jean-Laurent Bonnafe, Group Chief Executive Officer, and Lars Machenil, Group Chief Financial Officer. For your information, this conference call is being recorded. Supporting slides are available on BNP Paribas IR website, invest.bnpparibas.com. (Operator Instructions)
I would like now to hand the call over to Jean-Laurent Bonnafe, Group Chief Executive Officer. Please go ahead, sir.
Thank you. Good afternoon, ladies, and gentlemen. We are proud to present very strong second quarter results, which further strengthens our conviction that we will beat our '26 trajectory. We are well on track towards our 20th target of double-digit earnings growth CAGR over '25, '28, something that is not yet fully reflected by consensus. Our CET1 is now at target, paving the way for accelerated distribution in the future.
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