Core Points - BNP Paribas has raised its CET1 ratio target to 13% by 2027, driven by stronger profitability, moderate growth in risk-weighted assets, and accelerated disposal of non-strategic assets [1] - The confirmed ROTE target is set at 13% by 2028, reflecting a 210 basis point increase compared to 2024, with two-thirds of this improvement coming from strategic plans in key business areas [2] - The Group aims to improve its cost/income ratio to 61% by 2026 and 58% by 2028, demonstrating a strong commitment to cost control [2] - BNP Paribas will redistribute excess capital above the 13% CET1 ratio to shareholders, with a €1.15 billion share buyback program launching in November 2025 [3] - The growth and profitability trajectory through 2028 will be detailed with the release of the 2025 results, and the 2027-2030 plan will be presented in early 2027 [3] - The CEO emphasized that the announcements align with the long-term strategy and aim to enhance profitability while maintaining an attractive distribution policy for shareholders [4] Company Overview - BNP Paribas is a leader in banking and financial services in Europe, operating in 64 countries with nearly 178,000 employees, including over 144,000 in Europe [5] - The Group has key positions in Commercial, Personal Banking & Services, Investment & Protection Services, and Corporate & Institutional Banking [5] - BNP Paribas is rolling out its integrated commercial and personal banking model across several Mediterranean countries, Türkiye, and Eastern Europe, while also having a strong presence in the Americas and Asia-Pacific [5] - The Group has implemented a Corporate Social Responsibility approach to contribute to a sustainable future while ensuring performance and stability [5]

Core Insights - Nykredit Group reported its strongest financial results for the first nine months of 2025, with a profit after tax of DKK 9,393 million, leading to an upgraded full-year guidance of DKK 11.75-12.25 billion, up from DKK 11.00-12.00 billion [2][5] Financial Performance - The Nykredit Group's net interest income reached DKK 10,295 million, an increase of DKK 1,303 million from DKK 8,992 million in the same period of 2024 [3] - Net fee income rose to DKK 2,426 million, up DKK 415 million from DKK 2,011 million in Q1-Q3 2024 [3] - Total income for the group was DKK 18,539 million, an increase of DKK 2,311 million compared to DKK 16,228 million in the previous year [3] - The cost of the group was DKK 6,816 million, which is an increase of DKK 1,776 million from DKK 5,040 million in Q1-Q3 2024 [3] Lending and Customer Growth - Bank lending for the Nykredit Group totaled DKK 176.5 billion, with Spar Nord contributing DKK 65.8 billion; excluding Spar Nord, lending increased to DKK 110.7 billion, a 10.8% rise from DKK 99.9 billion in September 2024 [5] - Totalkredit's mortgage lending grew to DKK 949.6 billion at the end of September 2025, up from DKK 895.8 billion at the end of 2024, representing a 6.0% increase [5] Strategic Developments - The integration of Nykredit Bank and Spar Nord is on track, with the merger expected to be completed in spring 2026, aiming to enhance customer service and operational efficiency [2][5] - The company emphasizes its commitment to partnerships as part of its strategy, "Winning the Double," to deliver greater value to customers [2]

Core Insights - Nykredit reported a satisfactory interim profit after tax of DKK 3,000 million for Q1 2025 and raised its full-year profit guidance to DKK 9.25-10.0 billion due to growth in core business areas, including net interest and fee income [3][4] - The company experienced an increase in mortgage and bank lending, resulting in expanded market positions [3] - Nykredit's investment portfolio income showed a positive trend despite market turbulence, and impairment charges remained low due to the financial robustness of customers [3] Financial Performance - Net interest income increased to DKK 3,039 million in Q1 2025 from DKK 3,011 million in Q1 2024, a change of DKK 28 million [4] - Net fee income rose to DKK 754 million in Q1 2025 from DKK 728 million in Q1 2024, an increase of DKK 26 million [4] - Wealth management income grew to DKK 713 million in Q1 2025 from DKK 668 million in Q1 2024, reflecting a DKK 45 million increase [4] - Total income decreased to DKK 5,434 million in Q1 2025 from DKK 6,012 million in Q1 2024, a decline of DKK 578 million [4] - Profit for the period fell to DKK 3,000 million in Q1 2025 from DKK 3,544 million in Q1 2024, a decrease of DKK 544 million [4] Lending and Market Position - Totalkredit's mortgage lending increased to DKK 921.8 billion at the end of March 2025 from DKK 879.7 billion at the end of March 2024 [3] - Nykredit Bank's lending after impairments rose to DKK 108.8 billion at the end of March 2025 from DKK 94.5 billion at the end of March 2024 [3] Strategic Developments - Nykredit launched a public tender offer to acquire Spar Nord Bank, aiming to create a strong, customer-owned alternative to the largest listed banks in Denmark [3] - The company raised the KundeKroner discount to 0.25% from 0.20% for new and existing customers, benefiting over 900,000 homeowners [3] Capital and Efficiency - Nykredit maintained a strong capital position with a Common Equity Tier 1 (CET1) capital ratio of 20.7% [6] - The cost/income ratio remained low at 30.8% in Q1 2025 [6]