BNP Paribas stated on Thursday that its net income in the fourth quarter of 2023 amounted to €1.07 billion. The Group reported a slight increase in revenues, with a 0.1% rise to €10.9 billion and a 1.0% increase to €45.9 billion for the full year.
Despite this growth, the Group faced challenges, evidenced by a 4.2% increase in operating expenses and depreciation to €7.8 billion in the quarter and a 3.7% rise to €30.96 billion annually. Net income attributable to equity holders saw an 11.4% increase to €10.97 billion annually. The cost-to-income ratio worsened, indicating increased pressure on profitability.
"BNP Paribas achieved a very good performance in 2023 that reflects the solidity of our diversified model, the efficiency of our platforms, and the Group's ability to continue its development in order to address the needs of its individual, corporate and institutional clients. On the strength of our teams' mobilization and expertise and our technological advances, BNP Paribas will continue to grow and gain market share," Jean-Laurent Bonnafé, Chief Executive Officer, stated.
