BNP Paribas vs HSBC: Revenue, Profit and Business Model
BNP Paribas reported ~$57.9B of revenue in FY2025 and ~$13.8B of net income. HSBC reported $68.3B of revenue in FY2025 and $21.1B of net income.
Latest financial snapshot
BNP Paribas
- Latest revenue
- ~$57.9B (FY2025)
- Net income
- ~$13.8B
- Net margin
- 23.9%
- Revenue growth
- +2.6% a year, FY2021–FY2025
HSBC
- Latest revenue
- $68.3B (FY2025)
- Net income
- $21.1B
- Net margin
- 30.9%
- Revenue growth
- +3.3% a year, FY2019–FY2025
Financial summary
BNP Paribas
Reported revenues were ~$52.2 billion (€46.2 billion) in 2021, ~$57 billion (€50.4 billion) in 2022 as first published, ~$51.9 billion (€45.9 billion) in 2023, ~$55.1 billion (€48.8 billion) in 2024 and ~$57.9 billion (€51.2 billion) in 2025. The 2023 drop is mostly accounting: Bank of the West was sold on 1 February 2023 and moved out of continuing revenue, and IFRS 17 changed how insurance revenue is reported from 2023. Net income, Group share, rose every year, from ~$10.7 billion (€9.5 billion) in 2021 to ~$13.8 billion (€12.2 billion) in 2025. The 2025 dividend was €5.16 per share, and the bank now also pays an interim dividend each September (€3.23 for 2026, paid on 28 September 2026). Second-quarter 2026 net income of ~$4.91 billion (€4.345 billion), up 33.4%, included a one-off gain on the Ageas transaction.
HSBC
HSBC reported FY2025 revenue of $68.3 billion, up 4%, with net interest income of $34.8 billion and a net interest margin of 1.59%. Reported profit before tax fell to $29.9 billion from $32.3 billion because of $4.9 billion of net adverse notable items, but profit before tax excluding notable items rose to a record $36.6 billion and return on tangible equity on that basis was 17.2%. The ordinary dividend rose 14% to $0.75 per share. In the first half of 2026, revenue rose 11% to $37.7 billion and reported pre-tax profit rose 23% to $19.5 billion, with an annualised RoTE excluding notable items of 19.1%; the bank also restarted share buybacks in August 2026.
Revenue and profit by year
BNP Paribas
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$57.9B | ~$13.8B | 23.9% | +4.9% | Source |
| FY2024 | ~$55.2B | ~$13.2B | 23.9% | +6.4% | Source |
| FY2023 | ~$51.8B | ~$12.4B | 23.9% | -9.0% | Source |
| FY2022 | ~$57B | ~$11.5B | 20.2% | +9.0% | Source |
| FY2021 | ~$52.2B | ~$10.7B | 20.5% | — | Source |
HSBC
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $68.3B | $21.1B | 30.9% | +3.7% | Source |
| FY2024 | $65.9B | $22.9B | 34.8% | -0.3% | Source |
| FY2023 | $66.1B | $22.4B | 34.0% | +27.7% | Source |
| FY2022 | $51.7B | $14.3B | 27.7% | +4.4% | Source |
| FY2021 | $49.6B | $12.6B | 25.4% | -1.7% | Source |
| FY2020 | $50.4B | — | 0.0% | -10.1% | Source |
| FY2019 | $56.1B | — | 0.0% | — | Source |
Where the revenue comes from
BNP Paribas
- Commercial, Personal Banking & Services
largest division
CPBS revenue was ~$30.2 billion (€26.717 billion) in FY2025, from the four domestic retail banks, Personal Finance, Arval, Leasing Solutions and Nickel.
- Corporate & Institutional Banking
second-largest division
CIB revenue was ~$21.5 billion (€18.997 billion) in FY2025 and ~$5.97 billion (€5.281 billion) in the second quarter of 2026, up 12.7%.
- Investment & Protection Services
fee and insurance stream
IPS revenue, including AXA IM from July 2025, was ~$7.83 billion (€6.929 billion) in FY2025.
HSBC
- Net Interest Income
Largest profit driver
HSBC earns spread income from deposits, loans, mortgages, corporate lending, and treasury balances across retail, commercial, and institutional clients.
- Wealth and Personal Banking
Major growth platform
The bank earns fees and spreads from affluent banking, cards, deposits, investment products, insurance distribution, mortgages, and international wealth services.
- Commercial Banking
Core relationship engine
HSBC provides credit, liquidity, trade finance, cash management, guarantees, foreign exchange, and working-capital services to companies operating across borders.
- Corporate and Institutional Banking
Institutional revenue stream
The group serves multinationals, financial institutions, governments, and investors through markets, securities services, financing, advisory, and global payments.
Business model and strategy
BNP Paribas
How it makes money
BNP Paribas is a universal bank: it lends to households and companies and earns interest on that lending, collects fees on payments, advisory work, asset management and custody, earns insurance and leasing income, and books trading revenue in global markets.
Growth strategy
Recent growth has come from targeted deals and partnerships. BNP Paribas Cardif bought AXA Investment Managers for ~$5.76 billion (€5.1 billion) in July 2025 and agreed to manage a large part of AXA's assets. Arval completed its purchase of Athlon from Mercedes-Benz Group on 31 July 2026, taking its combined fleet to 2.3 million vehicles.
Competitive advantage
BNP Paribas's edge is diversification at scale. Four domestic retail networks supply deposits and client relationships; CIB serves many of the same companies with financing, hedging and capital-markets work; and Cardif, asset management and Arval add insurance, fee and lease income that depends less on interest rates.
HSBC
How it makes money
HSBC makes money in two main ways. The first is net interest income: the spread between what it pays on deposits and earns on loans, mortgages and its structural hedge, which totalled $34.8 billion in FY2025. The second is fee and other income from wealth products, insurance, foreign exchange, payments, trade finance and capital markets.
Growth strategy
Under Georges Elhedery, HSBC is simplifying and concentrating capital where it has scale. In late 2024 it merged regional layers into four businesses and targeted about $1.5 billion of annualised cost savings by the end of 2026.
Competitive advantage
HSBC's edge is a cross-border network that few banks can copy. It is one of three note-issuing banks in Hong Kong, owns Hang Seng Bank outright since 2026, and holds leading positions in trade finance, payments and FX for companies moving goods and money between Asia, the Middle East, Europe and the Americas.
Questions about BNP Paribas vs HSBC
Which company has higher revenue — BNP Paribas SA or HSBC Holdings plc?
BNP Paribas SA reported ~$57.9B (FY2025), while HSBC Holdings plc reported $68.3B (FY2025). By last reported revenue, HSBC Holdings plc is the larger business, with BNP Paribas SA reporting a smaller revenue base.
What is the market cap of BNP Paribas SA vs HSBC Holdings plc?
BNP Paribas SA's market capitalisation stands at $129.4B, while HSBC Holdings plc's is $343.0B. HSBC Holdings plc carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to BNP Paribas SA.
Which is more financially efficient — BNP Paribas SA or HSBC Holdings plc?
BNP Paribas SA generates $322k / employee in revenue per employee, while HSBC Holdings plc generates $327k / employee. HSBC Holdings plc shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do BNP Paribas SA and HSBC Holdings plc make money?
BNP Paribas SA and HSBC Holdings plc generate revenue in fundamentally different ways. BNP Paribas SA: BNP Paribas is a universal bank: it lends to households and companies and earns interest on that lending, collects fees on payments, advisory work, asset management and custody, earns insurance and leasing income, and books trading revenue in global markets. HSBC Holdings plc: HSBC makes money in two main ways.
Which company is valued higher relative to revenue — BNP Paribas SA or HSBC Holdings plc?
On a price-to-sales (P/S) basis, BNP Paribas SA trades at 2.2x P/S and HSBC Holdings plc at 5.0x P/S. HSBC Holdings plc commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to BNP Paribas SA. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is BNP Paribas SA bigger than HSBC Holdings plc?
By last reported revenue, HSBC Holdings plc ($68.3B (FY2025)) is the larger company compared to BNP Paribas SA (~$57.9B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the BNP Paribas vs HSBC overview