BNP Paribas 4Q Net Profit Slips on Lower Revenue, Higher Costs
By Pietro Lombardi
BNP Paribas SA (BNP.FR) said Tuesday that its fourth-quarter net profit slightly declined after being hit by lower revenue and rising operating costs.
The Paris-based lender's net profit fell 1.1% to 1.43 billion euros ($1.78 billion) compared with the same period last year.
Analysts had expected France's largest listed bank by assets to post net profit of EUR1.46 billion, according to FactSet.
Revenue declined 1.2% to EUR10.53 billion, "due to an unfavorable foreign-exchange effect," the bank said.
Operating expenses for the quarter stood at EUR7.62 billion, up 2.4% from a year earlier.
The bank will pay its shareholders a dividend of EUR3.02 a share for 2017, up from EUR2.7 the previous year. Its core Tier 1 capital ratio--a key measure of capital strength--was stable at 11.8% in December.
BNP Paribas confirmed its 2020 objectives and targets a return on equity above 10% in 2020.
Write to Pietro Lombardi at email@example.com
(END) Dow Jones Newswires
February 06, 2018 01:21 ET (06:21 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.