J.P. Morgan: The performance of BNP Paribas in Paris, France exceeded expectations and is of higher quality.

Jefferies said that investors in BNP Paribas in France should welcome the favorable trend in the bank's European retail business, with increasing loan income and improving deposit structure. Analysts wrote in a research report that the bank's fourth-quarter profit was 5% higher than the average expectation, benefiting from improved income and provisions. The group also raised its expected tangible equity return for 2028 to over 13%. These analysts pointed out that this means the average expectation of 12.6% is too low, as it includes a cost-to-income ratio of 57%, while the bank's current guidance is that this ratio will be below 56%. The analysts added that BNP Paribas seems to be on the right track, with its tangible equity return expected to reach 11.6% by 2025.