BNP Paribas (BNPQY) Stock Price & How to Invest
Last updated October 2026
Short answer
BNPQY is the US over-the-counter ADR for BNP Paribas, the largest bank in the eurozone by assets. Each ADR represents half of one Paris-listed ordinary share and traded near ~$47.60 in late October 2026. The stock is a cheap, high-yield European bank (~7x earnings, ~0.75x book, ~5% yield) whose discount reflects the Sudan litigation overhang, French political risk and a sharp pullback from its August high.
BNPQY stock price
As of 2026-10-28, BNP Paribas (BNPQY) last closed at $48.88, up 26.6% over the past year. Over the past 52 weeks it has traded between $37.55 and $64.97.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or BNP Paribas's investor relations page. Walnut is informational, not investment advice.
What does BNP Paribas (BNPQY) do?
BNP Paribas is a Paris-based universal bank founded in 1822 and run by CEO Jean-Laurent Bonnafé, with roughly 178,000 employees. It operates three divisions. Corporate and Institutional Banking (CIB) covers global banking, global markets and securities services, and is the leading EMEA investment bank among European lenders. Commercial, Personal Banking and Services (CPBS) runs retail networks in France, Belgium, Italy and Luxembourg plus Personal Finance (consumer credit), Arval car leasing and digital businesses. Investment and Protection Services (IPS) houses insurance, wealth management and asset management, now enlarged by the 2025 acquisition of AXA Investment Managers. BNPQY is a sponsored ADR on the OTCQX tier; one ADR equals 0.5 ordinary share, and the ordinary shares trade in Paris under BNP.
Results have been strong. For full-year 2025 the bank reported revenue of ~€51.2bn (+4.9%) and net income, Group share of ~€12.2bn, with EPS of ~€10.29 and a total dividend of €5.16. In the second quarter of 2026, revenue rose 12% to ~€14.1bn and net income jumped 33.4% to ~€4.35bn, helped by an ~€858m gain from the Ageas/AGI transaction. ROTE was 13.3%, the cost-income ratio improved to 56.7%, cost of risk held at 39 basis points, and the CET1 ratio reached 13.0%, hitting its end-2027 target 18 months early. An interim dividend of €3.23 per share was paid in late September. Third-quarter results are scheduled for October 28, 2026.
The investment picture is a contrast between fundamentals and the share price. The ADR hit ~$65.50 in early August 2026 and has since fallen to roughly $47.60, a drop of about 27%, while the Paris shares slid from ~€114 to the mid-€80s. At that level the market cap is ~$106bn, trailing P/E is ~7x, price to book is ~0.75x and the trailing dividend yield is ~5.2%. Management targets ROTE of ~12% in 2026 and above 13% in 2028, with net income growth above 10% a year from 2025 to 2028. Against that sit the pending appeal of a 2025 US jury verdict tied to Sudan, French fiscal and political uncertainty, used-car price pressure at Arval, and the currency exposure every US holder of a euro-earning ADR carries.
What's driving BNP Paribas (BNPQY)?
1. CIB and global markets momentum
Corporate and Institutional Banking is the bank's largest earnings engine. In 2Q26 CIB revenue rose 12.7% to ~€5.3bn, with Global Markets up 17.5% on strong Equity and Prime Services and Securities Services also up 17.5% as clients onboarded in 2025 began contributing. CIB ran at a 53.7% cost-income ratio with cost of risk of only ~€95m. BNP Paribas has spent years taking market share as US and European rivals retrenched, especially in prime brokerage after absorbing Deutsche Bank's prime business. If trading volumes stay elevated through 2026, CIB can keep carrying group growth; the flip side is that markets revenue is cyclical and a calmer second half would slow it.
2. AXA IM and the IPS buildout
The acquisition of AXA Investment Managers, closed in 2025, roughly doubled the asset management business and made BNP Paribas one of Europe's largest asset managers. IPS revenue grew 27.3% in 2Q26 (+8.4% at constant scope) and ~30% in the first half to ~€3.9bn. Management says integration is on schedule and that a significant portion of restructuring charges will be booked in 2026, which depresses near-term reported costs but should lift fee income and margins from 2027. Fee-based revenue is valued more highly by investors than lending income, so a larger IPS share of earnings is one route by which the valuation gap with peers could narrow over time.
3. Capital return and the 13% CET1 milestone
The CET1 ratio reached 13.0% at June 30, 2026, against a SREP requirement of ~10.43%, and the bank met its 2027 capital target 18 months early. Management distributes 60% of earnings (50% cash dividend plus buybacks) and has said it will consider excess capital for distribution annually. The 2025 dividend totalled €5.16 per share, the 2026 interim was €3.23 (up 24.7%, including part of the Ageas gain), and a €1.15bn buyback finished in December 2025. At ~7x earnings, a 60% payout implies a combined cash yield near 8 to 9% of market value. A new 2027-2030 strategic plan due in February 2027 is the next marker for capital return policy.
4. Efficiency and the 2028 earnings trajectory
BNP Paribas targets a cost-income ratio of about 60% in 2026 falling below 56% by 2028, ROTE of ~12% in 2026 and above 13% in 2028, and net income growth above 10% a year on average from 2025 to 2028. First-half 2026 delivered a positive jaws effect of 2.4 points (5.0 points at constant scope) despite ~€320m of restructuring costs, and the 2Q26 cost-income ratio of 56.7% was already near the 2028 goal. Management is leaning on AI to transform support functions. Hitting these targets would compound earnings from ~€12.2bn in 2025 toward ~€16bn by 2028, which is the core arithmetic behind any argument that the shares are mispriced at ~0.75x book.
What are the risks to BNP Paribas (BNPQY)?
The largest single overhang is the Sudan litigation. In October 2025 a Manhattan federal jury found BNP Paribas liable under Swiss law for helping the al-Bashir regime and awarded ~$20.75m to three bellwether plaintiffs in a certified class of more than 20,000 people; plaintiffs' counsel has talked about exposure in the billions. The bank is appealing to the Second Circuit, has booked no provision and says it is under no pressure to settle, but an adverse appellate ruling could lead to a large charge. France is a second risk: political instability and a downgraded sovereign rating can widen spreads on French government bonds the bank holds and weigh on its home retail franchise. Arval revenue fell 21% in 2Q26 on lower used-car prices, and the bank has added ~€155m of forward-looking provisions for geopolitics this year. Markets revenue is volatile. US holders also bear euro-dollar currency swings, French withholding tax on dividends, and thinner OTC liquidity with wide bid-ask spreads on the ADR.
Is BNPQY a buy or a sell?
We give no verdict on BNP Paribas. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.
The case for buying. CIB and global markets momentum. Corporate and Institutional Banking is the bank's largest earnings engine.
The case against. The largest single overhang is the Sudan litigation.
Read the full bull and bear case on BNPQY, including what would have to change to break either one. Walnut is not an investment adviser.
How is BNP Paribas (BNPQY) valued? (approximate, October 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see BNP Paribas's investor relations page or your broker.
- Revenue (TTM): ~€53.8bn (~$62bn)
- Net income, Group share (TTM): ~€13.6bn (~$15.5bn)
- Market cap: ~$106bn
- P/E (TTM): ~7x
- Price to book: ~0.75x
- Dividend yield: ~5.2%
Trailing figures combine full-year 2025 with first-half 2026 results; the TTM net income includes the ~€858m Ageas/AGI gain, so the underlying multiple is slightly higher than the headline ~7x. The ADR trades near ~$47.60 against a 52-week range of ~$37.50 to ~$65.50, and represents half an ordinary share. At ~0.75x book and a 13% ROTE, the market prices BNP Paribas below most large European peers on book value, a gap usually attributed to French sovereign risk and the unresolved Sudan appeal. Third-quarter results arrive October 28, 2026.
Who competes with BNP Paribas (BNPQY)?
Eurozone universal banks
Société Générale, Crédit Agricole, Santander, ING, UniCredit and Deutsche Bank compete with BNP Paribas for retail deposits, corporate lending and consumer credit across France, Belgium, Italy and wider Europe. Several of them, notably UniCredit and Santander, have traded at higher price-to-book multiples on stronger returns, which frames the valuation debate around BNP Paribas.
Global investment banks
In CIB, BNP Paribas competes with JPMorgan, Goldman Sachs, Morgan Stanley, Citigroup, Barclays and Deutsche Bank for trading, prime brokerage, debt capital markets and advisory mandates. It has gained share in EMEA as rivals retrenched, but US banks still dominate global fee pools and set the pricing in markets businesses.
Asset managers and insurers
Through IPS and the enlarged asset management arm built on AXA IM, BNP Paribas competes with Amundi, Allianz Global Investors, AXA, UBS Asset Management and large US managers such as BlackRock. Scale in fee-based savings products, insurance and private markets is the battleground, and fee income is where European banks are trying to diversify away from interest income.
What stocks are similar to BNP Paribas (BNPQY)?
Other names that sit close to BNPQY: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.
How to invest in BNP Paribas (BNPQY)
There are three common ways to get BNPQY exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so BNPQY sits alongside other stocks that express the same thesis.
Walnut takes the portfolio route. Describe a thesis where BNPQY fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.
The bottom line on BNP Paribas (BNPQY)
BNPQY offers diversified, growing European bank earnings at a low multiple with a large dividend, but the price carries real legal, political and currency risk that explains much of its discount.
More on BNP Paribas (BNPQY)
Whether BNPQY is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is BNPQY a buy or a sell?, and where the stock could go from here in the BNPQY stock forecast.
For income investors, whether BNPQY pays a dividend and how the payout looks is covered in does BNPQY pay a dividend? And to weigh BNPQY against a peer, read the full side-by-side comparisons: BNPQY vs ING and BNPQY vs UNCRY.
Wondering how BNPQY fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in BNP Paribas with AI
Connect the broker you already use and ask Walnut's AI how BNPQY fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is BNPQY?
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BNPQY is the ticker for BNP Paribas American Depositary Receipts, which trade over the counter in the United States on the OTCQX International Premier tier. The underlying company is BNP Paribas SA, a Paris-headquartered bank founded in 1822 and the largest lender in the eurozone by assets. Each BNPQY ADR represents 0.5 of one ordinary share, so two ADRs equal one Paris-listed BNP share. The ADR is quoted in US dollars, and its price tracks the euro share price converted at the prevailing euro-dollar exchange rate. In late October 2026 it traded near ~$47.60, giving the group a market value of roughly ~$106bn. A separate unsponsored line, BNPQF, represents the ordinary shares directly.
How does BNP Paribas make money?
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BNP Paribas earns money across three divisions. Corporate and Institutional Banking provides lending, bond and equity underwriting, advisory, trading in rates, credit, currencies and equities, prime brokerage, and securities custody; it generated ~€10.5bn of revenue in the first half of 2026. Commercial, Personal Banking and Services runs branch banks in France, Belgium, Italy and Luxembourg, plus consumer credit (Personal Finance), Arval car leasing and digital banks, bringing in ~€13.8bn in the first half. Investment and Protection Services covers insurance, wealth management and asset management, with ~€3.9bn of first-half revenue after the AXA IM acquisition. Revenue is a mix of net interest income from loans and deposits and fee and trading income, which spreads earnings across very different economic drivers.
What were BNP Paribas's latest results?
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The latest reported quarter is the second quarter of 2026, published on July 23, 2026. Revenue rose 12.0% to ~€14.1bn, operating expenses rose 10.4% to ~€8.0bn, and the cost-income ratio improved to 56.7%. Cost of risk was ~€949m, or 39 basis points of loans, in line with the bank's guidance of below 40 basis points for 2026. Net income, Group share rose 33.4% to ~€4.35bn, boosted by an ~€858m capital gain on the Ageas/AGI transaction, and ROTE was 13.3%. For the first half, net income was ~€7.56bn versus ~€6.21bn a year earlier. The CET1 ratio reached 13.0%. Third-quarter 2026 results are scheduled for October 28, 2026, so these figures will soon be updated.
Is BNPQY stock cheap?
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On standard bank metrics it screens as inexpensive. In late October 2026 the ADR traded at ~7x trailing earnings and ~0.75x book value, with a trailing dividend yield around ~5.2%, while the bank reported a 13.3% ROTE in its latest quarter. A bank earning low double-digit returns on tangible equity would often trade at or above book value, so the discount implies the market is pricing in risks beyond the reported numbers. Those include the pending Sudan appeal in the United States, French sovereign and political risk, and doubts about whether the 2028 targets will be met. Note that trailing earnings include a one-off ~€858m gain, so the underlying multiple is a little higher. Cheapness on these ratios describes the valuation, not where the price will go.
Why has BNPQY fallen since August 2026?
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The ADR peaked near ~$65.50 on August 6, 2026 and traded around ~$47.60 by late October, a decline of roughly 27%; the Paris shares fell from ~€114 to the mid-€80s over a similar stretch. No single company announcement explains the whole move. Contributing factors cited in coverage include broader weakness in European bank shares, analyst target cuts (Alphavalue from €122 to €101, RBC from €109 to €105 while keeping positive ratings), continued pressure on Arval from used-car prices, extra provisions for geopolitical risk, French fiscal uncertainty, and the ongoing Sudan appeal. Reuters also reported that CaixaBank was studying a bid for Cetelem's Iberian consumer-lending unit. The October 28 third-quarter report is the next data point on whether the fundamentals have changed.
What is the Sudan lawsuit against BNP Paribas?
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In Kashef v. BNP Paribas, Sudanese refugees argued that the bank's dollar clearing for the al-Bashir government between roughly 2002 and 2008, which violated US sanctions and led to an ~$8.9bn guilty plea in 2014, made it complicit in atrocities. In October 2025 a federal jury in Manhattan found the bank liable under Swiss law and awarded ~$20.75m to three bellwether plaintiffs, who represent a certified class of more than 20,000 people. Plaintiffs' lawyers have suggested a settlement could run into the billions. BNP Paribas has appealed to the Second Circuit, filing its opening brief in August 2026, booked no provision, and says it sees no pressure to settle. This is a human rights case, not a securities fraud suit by shareholders.
Does BNPQY pay a dividend?
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Yes. BNP Paribas pays dividends twice a year, an interim in the autumn and a final after the annual general meeting in May, and ADR holders receive their share converted into dollars, net of depositary fees and French withholding tax. For 2025 earnings the bank paid €5.16 per ordinary share in total, an interim of €2.59 and a final of €2.57. For 2026 it paid an interim of €3.23 per ordinary share on September 28, equal to half of first-half earnings per share and including part of the Ageas gain. Because one ADR is half a share, each ADR receives half of those amounts. The trailing yield on the ADR was about ~5.2% in October 2026. US holders can often reclaim part of the French withholding tax through treaty relief.
What should US holders know about the ADR structure?
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BNPQY trades over the counter rather than on the NYSE or Nasdaq, so volume is lower and the bid-ask spread can be noticeably wider than for a listed US stock; late October quotes showed a spread of more than a dollar at times. The price moves with both the Paris share price and the euro-dollar exchange rate, so a stronger dollar can reduce returns even when the shares rise in euros. Each ADR equals 0.5 ordinary share, which matters when comparing per-share figures such as earnings, book value or dividends quoted in euros. Dividends are subject to French withholding tax and depositary fees. Because BNP Paribas reports under IFRS in euros rather than filing US GAAP statements, its figures can differ in presentation from those of American banks.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with BNP Paribas's investor relations page or your broker before making investment decisions.