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BNP Reaffirming Above-Consensus FY25 Return Guidance: Positive But Small

FINANCIALS

BNP reaffirming FY25 profitability guidance with MS conference release (BNP FP) which is still marginally ahead of consensus expectations. Positive but likely immaterial, we feel.


  • Sees FY24 net income higher than FY23 (consensus has net income 7.8% lower) and FY25 RoTE of 11.5-12.0% (consensus has 10.4%) so perhaps a small upgrade here.
  • Further, the group is announcing a small increase in the group cost savings plan (to end-25) which may well not be in consensus.

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