BNP Paribas Feedback from CEO meeting

Research evidence excerpt

BNP Paribas Feedback from CEO meeting

J P M O R G A N Europe Equity Research

13 May 2026

BNP Paribas Overweight

BNPP.PA, BNP FP

Feedback from CEO meeting Price (12 May 26):€90.41

Price Target (Dec-27):€106.00

We recently hosted a roadshow for BNP Paribas CEO Jean-Laurent Bonnafé in European Banks

ACParis. Overall, the message was reassuring: 1) growth in commercial banks NII is Delphine Lee

unlikely to be derailed by higher short-term rates, 2) management remains focused (44-20) 7134-3971

on closing the gap to the sector on Cost/Income and ROTE with additional cost delphine.x.lee@jpmorgan.com

savings from support functions, IT simplification and AI, and 3) there is potential Kian Abouhossein

for more disposals with BNP committed to increasing the total payout ratio from (44-20) 7134-4575

60%. We remain OW BNP, trading at an undemanding 6.4x PE, 0.8x P/NAV for kian.abouhossein@jpmorgan.com

J.P. Morgan Securities plc

RoNAV 13.6% in 2028e, with significant re-rating potential as the bank offers

higher distribution and improves profitability over time. Specialist Sales contact details:

• Interest rates sensitivity: Management reiterated that as long as short-term GigiEuropeanSparlingFinancials- Specialist Sales -

rates are in the 2-3% range with a steep curve and reasonable macro (44-20) 7134-0355

assumptions, revenues of commercial banks in the Eurozone should grow ghislaine.sparling@jpmorgan.com

about 5% YoY. Rates sustainably above 3% would signal issues with inflation

and macro. Unlike in the previous rate hike cycle, excess sight deposits have

already largely migrated and the mix is more stable with mostly structural

current account deposits on the balance sheet. As a result, BNP does not expect

the same headwinds from deposit funding, and also reminded that long-term