The following is a summary of the BNP Paribas SA (BNPQF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• BNP Paribas' net income group share is at €3.1 billion due to a solid Q1 2024 performance.

• The reported revenue slightly decreases by 0.4%, compared to Q1 2023, yet it's up 3% after adjusting for FICC effects.

• There's a decrease in operating expenses by 1.4% compared to the previous year.

• Announced additional savings of €400 million, set to start in Q2 2024.

• The low cost of risk maintained at 29 bps suggests a good credit portfolio quality.

• A 7.4% year-on-year increase in pre-tax income to €4.4 billion.

• For 2024, the expected revenue growth is above 2% with net income predicted to exceed the €11.2 billion recorded in 2023.

Business Progress:

• Divestment from non-core activities and asset redeployment from Bank of the West outlines BNP's strategy for internal capital.

• As a critical internal catalyst, the capital deployment and adaptation of Personal Finance were noted.

• BNP is improving its positions in key growth sectors through partnerships and acquisitions, as shown by the 9% stake acquisition in Ageas with Fosun.

• There is relentless focus on the strategic initiative of payment and flow management, aiming to generate additional revenues of €800 million.

• The company has increased control over banking activities in Ukraine and shows growth momentum in Poland and Turkey with increased fees.

• BNP Paribas upped its commitment to ESG and exited fossil fuels to finance low-carbon energies, setting influential targets.

• The company is increasing cross-selling and expanding its client base in the Belgium market while successfully penetrating European corporates by 51%.

• Despite the sharp drop in demand for the Real Estate division, the company's performance was positively influenced by business in Corporate and Institutional Banking (CIB) and Commercial and Personal Banking.

• Deposits in France remain stable indicating customer loyalty.

• BNP aims to capitalize on synergies across different domestic businesses to grow into a pan-European platform.

More details: BNP PARIBAS IR

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