BNP Paribas to Start EUR2.5 Billion Buyback, Posts Lower Reported Second-Quarter Earnings

By Pierre Bertrand

BNP Paribas posted lower reported second-quarter earnings Thursday and said it will buy back shares starting next month.

The French bank said it made 2.81 billion euros ($3.12 billion) in reported quarterly net profit, compared with profit of EUR3.09 billion in the year-earlier period, which the bank restated in May after the sale of Bank of the West.

It said reported revenue fell 1.5% to EUR11.36 billion.

The result compared with expectations of EUR11.2 billion in quarterly revenue and EUR2.42 billion in quarterly net profit, according to analysts polled by FactSet.

The bank said its quarterly result was weighed by EUR786 million of pretax exceptional and extraordinary items, composed of provisions for litigation, restructuring costs and adjustments related to changes enacted by the European Central Bank to targeted longer-term refinancing operations.

Excluding these items, quarterly net profit rose 11% to EUR3.53 billion and revenue increased 3.3% to EUR11.92 billion, BNP said.

The bank also said it received authorization to launch its second EUR2.5 billion share buyback tranche beginning in August.

Write to Pierre Bertrand at [e-mail]

(END) Dow Jones Newswires

July 27, 2023 01:17 ET (05:17 GMT)

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