BNP Paribas plans to increase its cost-cutting plan by €400M, raising its cumulated savings target to €2.7B for 2022-2025.
BNP Paribas, Europe's leading bank, plans to increase its cost-cutting plan by €400M, raising its cumulated savings target to €2.7B for the 2022-2025 period. The additional cost cuts will come from automation, lower purchases, cheaper premises running, and better mutualization of tasks. BNP Paribas reiterates a steady growth trajectory in net income, with 2024 net income expected to be higher than 2023. The bank plans to return around $22B to its shareholders from 2024-2026, with a 60% payout ratio.
March 13, 2024
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