BNP Paribas raised its dividend and intends to buy back more than 1 billion euros worth of shares from the second quarter, after posting an earnings rise.

The French lender said it made 2.32 billion euros ($2.40 billion) in net profit for the fourth quarter, up from 1.07 billion euros a year prior, on revenue that grew 11% to 12.14 billion euros.

The bank said Tuesday that its result reflected a strong increase in revenue at its corporate and institutional banking business as well as by higher revenue from both its commercial, personal banking and services division and its investment and protection services unit.

BNP Paribas said it intends to pay a 4.79 euros per share cash dividend for 2024, a 4.1% increase from the prior year.

That dividend will be supplemented by the introduction of a semi-annual interim dividend beginning this year with an initial payment in late September. Each interim dividend will amount to 50% of the net earnings per share of the first half-year, the bank said.

In addition, the bank said it would launch a 1.08 billion euros share buyback in the second quarter of 2025.

BNP said it would continue with operational efficiency measures in 2025 and 2026, anticipating 600 million euros in savings per year.

Write to Pierre Bertrand at [email protected]