BNP ParibasDue to strong domestic activity, the Company reported a higher net profit than anticipated for the last quarter 2021.

Net income for the quarter was 2.31 Billion Euros ($2.63 Billion). According to Refinitiv data, this is more than the expected 2.05 billion euro by analysts.

French lender was also surprise to the upside by its net income at 9.49billion euros. This is more than 8.92 billion euros that had been forecast.

According to a bank statement, “Democracy’s overall results in 2021 was up sharply due to an increase of activity.”

Jean-Laurent Bonnafé, the bank’s CEO, added: “With a reinforced profitability in 2021 and a 10% ROTE [return on tangible equity]The Group’s success is the result of our transformation and long-term strategies.”

BNP Paribas also said it wants to achieve a return on tangible equity — a measure of return for investors — of more than 11% by 2025.

Markets are considering higher European interest rates, and this is the latest earnings release. Many European lenders have complained for years about the low interest rates. This may help to increase their profit margins.

BNP Paribas shares have increased by 46% in the past 12 months.

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