GDANSK (Reuters) - BNP Paribas BP, the Polish unit of lender BNP Paribas, posted a higher-than-expected jump in its full-year net profit on Thursday, supported by excess banking sector liquidity and
BNP Paribas BP's Net Profit Surges by 132% in 2023
GDANSK (Reuters) - BNP Paribas BP, the Polish unit of lender BNP Paribas, posted a higher-than-expected jump in its full-year net profit on Thursday, supported by excess banking sector liquidity and persistently high interest rates.
WHY IT'S IMPORTANT
The lender is part of the international banking group BNP Paribas. BNP Paribas BP, along with its units, ranks sixth in the Polish banking sector in terms of total assets.
BY THE NUMBERS
The financial year net profit at BNP Paribas' Polish unit stood at 2.36 billion zlotys ($611.76 million), ahead of the 2.18 billion zlotys forecast in a company-compiled consensus.
Net interest income rose 9.9% to 5.74 billion zlotys from a year ago, supported by strong liquidity situation and an increase in the scale of the group's operations.
Net fee and commission earnings were 1.26 billion zlotys versus 1.23 billion zlotys consensus expectation.
DIVIDEND
The management of the bank has proposed a dividend of 7.86 zlotys per share for 2024, amounting to roughly 50% of the net profit.
($1 = 3.8577 zlotys)
(Reporting by Julia Kotowska; Editing by Sherry Jacob-Phillips and Mrigank Dhaniwala)
