February 5, 2020 / 6:03 AM / 15 days ago

BNP Paribas beats fourth-quarter profit estimates, revises down 2020 outlook

PARIS, Feb 5 (Reuters) - BNP Paribas SA beat analysts’ estimates for quarterly profit on Wednesday, but lowered its 2020 profitability target and warned that revenue from its retail networks in Europe could moderately decline this year.

“The adjustment of monetary policies in the summer of 2019 led to a more unfavourable interest rate environment than anticipated at the beginning of 2019,” the bank said in a statement.

It revised down its 2020 target for return on tangible equity (ROTE) - a measure of profitability - to 10% from 10.5%.

Net income for the fourth quarter rose by 28.2% to 1.85 billion euros ($2 billion). It topped an average forecast of 1.71 billion euros in a Reuters survey of four analysts.

Revenue rose by 11.5% to 11.33 billion euros, driven by robust revenue growth in fixed-income and equities trading. ($1 = 0.9055 euros) (Reporting by Maya Nikolaeva in Paris Editing by Matthew Lewis)

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