Financial Data and Key Indicator Changes - The company's revenues increased by 3.8% in Q1 2025, with operating divisions up 6.1%, aligning with the trajectory set for 2026 [8][10] - Net profit decreased by 4.9%, attributed to higher exceptional items in the previous year and lower contributions from the Corporate Center this quarter [12] - The cost of risk remained moderate at 33 basis points, slightly up from the previous year but still below the guidance of 40 basis points [11][43] - Common Equity Tier 1 (CET1) ratio decreased by 50 basis points quarter-on-quarter to 12.4%, stable compared to January [13][45] Business Line Data and Key Indicator Changes - Corporate and Institutional Banking (CIB) reported a record revenue growth of 12.5%, driven by a 17.3% increase in Global Markets [9][26] - Commercial Banking and Personal Banking Services (CPBS) grew by 1.2%, with Eurozone commercial banks up 0.6% year-on-year [10][28] - Investment Solutions (IPS) saw a strong growth of 6.6%, particularly in Wealth Management and Insurance [10][37] Market Data and Key Indicator Changes - Eurozone commercial banks are expected to benefit from a normalization of the yield curve, with a projected rebound in net interest income (NII) in the second half of the year [18][30] - The performance in Turkey and Poland contributed to a 19% revenue increase in the Euromed region [10][32] Company Strategy and Development Direction - The company aims for a return on tangible equity of 11.5% in 2025 and 12% in 2026, targeting over 7% group net income growth CAGR [15][16] - A new strategic plan for CPBS aims to lift the return on notional equity to a minimum of 17% by 2028 [17] - The company plans to continue efficiency efforts with an additional €600 million in cost savings for 2025 and 2026 [19][42] Management's Comments on Operating Environment and Future Outlook - Management acknowledged elevated uncertainties in the market but emphasized readiness to support clients and monitor risks closely [5][6] - The company remains confident in achieving a CAGR revenue growth of over 5% by 2026, supported by increased investment spending in Europe [20][22] Other Important Information - The company has received approval for a €1 billion share buyback program, set to launch in the second quarter [14] - The acquisition of AXA IM is expected to close in early July, which will significantly enhance the growth potential of the IPS division [38][50] Q&A Session Summary Question: On the Capital Markets Union and its impact on profitability - Management acknowledged the challenges but noted a tangible approach from the EU to facilitate capital flow, expecting progress by 2028 to 2030 [62][63] Question: On the ECB's treatment of the AXA deal - Management clarified that discussions with the ECB are ongoing regarding the classification of the AXA deal as insurance to insurance, which will influence capital treatment [65][66] Question: On Eurozone revenue momentum and NII expectations - Management expects stabilization in deposit mix and a rebound in NII, driven by repricing and redeployment of excess deposits [74][78] Question: On market volatility and its impact on business - Management noted increased trading volumes and volatility in early April, but corporate engagement remained cautious [84][85] Question: On cost expectations related to acquisitions - Management indicated that it is too early to quantify additional costs from acquisitions until the deals are closed [122] Question: On interest rate sensitivity and potential ECB policy changes - Management expressed confidence that a shift to lower interest rates would favor their business model, particularly in personal finance [95][96]

法国巴黎银行第一季度净利润29.5亿欧元，同比下降4.9%，市场预估29.7亿欧元。 第一季度营收129.6亿欧元，同比增长3.8%，市场预估129.7亿欧元。 第一季度股票交易收入11.9亿欧元，同比增长42%，市场预估10.4亿欧元。 预计全年有形股本回报率增长11.5％。 ...

法巴银行：欧盟应抵制贸易紧张局势升级的诱惑 金十数据4月8日讯，法巴银行首席经济学家拉戈说，欧盟应该避免对美国的关税进行报复，因为现代宏 观经济模型证实，报复对所有各方的结果都更糟。她在一份报告中表示："对于美国的贸易伙伴来说， 最好抵制升级的诱惑，而是加倍努力强化国内增长引擎。""欧洲在这方面处于特别有利的地位。"欧洲 央行前行长德拉基去年提出的单一市场投资计划，在国防、基础设施和能源领域得到了欧盟领导层的支 持，正是可以做到这一点，其规模超过了美国的双边贸易逆差。她说，紧张局势进一步升级有可能适得 其反。 ...

Here are three stocks with buy rank and strong momentum characteristics for investors to consider today, April 3:Veeva Systems Inc. (VEEV) : This cloud-based software provider has a Zacks Rank #1 and witnessed the Zacks Consensus Estimate for its current year earnings increasing 4.5% over the last 60 days.Veeva's shares gained 6.4% over the last three months compared with the S&P 500’s decline of 5.2%. The company possesses a Momentum Score of B.BNP Paribas SA (BNPQY) : This banking and financial products a ...

值得一提的是，国元期货分析师范芮此前也表示："铜价快速回落是因为将铜运往美国的套利交易很快 就会结束。"不过，中国减产的潜在风险可能会限制铜价的下跌。 中国最大的冶炼厂之一江西铜业（600362）(00358)计划今年继续生产更多精炼产品。不过，该公司认 为，在加工费大幅下降后，一些国内同行可能会减产。江西铜业周四表示，2025年精炼铜产量将增长 3%，至237万吨。由于激烈的竞争导致加工和制造业务的利润率下降，其净利润略低于分析师的预期。 该行大宗商品策略师戴维.威尔逊在报告中强调："关税政策不仅终结了铜价混乱，更将市场焦点转向需 求萎缩的残酷现实。"其团队建议投资者密切关注两大交易型基金：美国铜指数基金(CPER.US)和全球X 铜矿ETF(COPX.US)。 相关矿业股方面，麦克莫兰铜金(FCX.US)、南方铜业(SCCO.US)、哈德湾矿业(HBM.US)等标的可能面 临估值重估，而泰克资源(TECK.US)、力拓集团(RIO.US)等综合性矿商或凭借多元化布局展现更强韧 性。 法国巴黎银行的分析师在上周五发出警告，随着全球在潜在25%关税前将铜运往美国的热情逐渐消退， 未来几个月铜价可能会出现"崩盘 ...

该投行还下调了对全球铜需求增长的预测，预测今年需求将增长2.3%，而之前预测为增长3.1%。预计今年铜市将 供应过剩46万吨，远高于此前预测的过剩12.4万吨。 3月28日（周五），法国巴黎银行（BNP Paribas）周五警告称，随着在美国关税生效前将铜运往美国的努力逐渐 减弱，铜价将在未来几个月下跌。 本周早些时候，伦敦期铜曾攀升至每吨10,000美元关口上方，纽约期铜则创下历史新高，大西洋两岸的价差很 大。 人们担心，在特朗普提议的关税生效之前，提前增加铜进口的努力将使全球供应处于极低水平，这推动了铜价上 涨。据估计，数十万吨铜已经在运往美国的途中。 但铜价涨势已经失去动力，因为目前市场预测关税可能会在数周内加征，而不是数月之后。 法国巴黎银行表示，关税较早到来将导致将货物改道至美国的空间变小。该行预计，随着美国需求放缓，到二季 度末铜价将跌至每吨8,500美元。 法国巴黎银行的大宗商品策略师David Wilson表示，该行预测关税的实施将终结当前铜价的混乱局面，从而使市 场能够将注意力集中在美国贸易政策所带来的负面需求影响上。 Wilson在报告中称："我们预测价格将在2025年二季度下挫。" 欲知 ...

Core Insights - BNP Paribas SA is highlighted as an overlooked value investment that has shown strong stock performance since the last coverage in September [1] Company Performance - BNP Paribas' stock has delivered compelling returns following the previous analysis, indicating positive market reception and potential growth [1]

Core Viewpoint - The chairman of BNP Paribas, Jean Lemierre, discussed four key dimensions on how foreign banks can support the real economy during the China Development Forum 2025, emphasizing the importance of adapting financial services to local needs and leveraging technology for better service delivery [1][2]. Group 1: Support for Consumption - BNP Paribas focuses on high-quality consumer credit services, responding to the changing dynamics of the consumption market by developing financial products tailored to local consumer behavior, such as a joint consumer credit product with Nanjing Bank that has reached a cumulative issuance scale of 60 billion yuan [1]. Group 2: Wealth Management Upgrade - The bank is committed to creating comprehensive wealth management solutions that cover the entire lifecycle, incorporating diverse products like insurance and pensions to enhance residents' consumption capacity while establishing a long-term financial safety net [1]. Group 3: Optimization of Corporate Financing - BNP Paribas aims to enhance its service to enterprises by building two core capabilities: leveraging Hong Kong's status as an international financial center to assist mainland companies in achieving global expansion through IPOs, and creating a cross-border financial service network to provide customized overseas financing solutions for Chinese companies [1]. Group 4: Efficient Use of AI - The bank emphasizes the application of artificial intelligence to break down departmental barriers and establish a customer demand-oriented agile service system, all while maintaining strict data security standards [2].

Core Insights - BNP Paribas reported a strong set of fourth quarter results with net income of €2.3 billion, representing a 16% year-on-year increase [1] Financial Performance - The bank's net income for the fourth quarter was €2.3 billion, which is a 16% increase compared to the previous year [1] - Despite some softness in consumer-facing businesses, trading and investment banking segments showed resilience [1]

RESULTS FOURTH QUARTER AND 2024 FULL YEAR 4 FEBRUARY 2025 2024 Full Year Results | 1 DISCLAIMER The figures included in this presentation are unaudited. As a reminder, on 29 February 2024 BNP Paribas reported restated quarterly series for 2023 to reflect, in particular, the end of the build-up of the Single Resolution Fund (SRF), effective 1 January 2024, and the assumption of a similar contribution to local bank taxes at a level estimated at about 200 million euros annually beginning in 2024, as well as an ...