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Name | Symbol | Market | Type |
---|---|---|---|
BNP Paribas (QX) | USOTC:BNPQY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.14 | -0.40% | 35.07 | 34.86 | 35.40 | 35.18 | 34.78 | 34.87 | 334,652 | 21:30:51 |
By Ed Frankl
BNP Paribas SA on Friday reported higher second-quarter earnings, helped by revenue increases in all its divisions as it took advantage of higher net interest income and fees.
The French lender said its net profit rose to 3.18 billion euros ($3.24 billion) from EUR2.91 billion in the same period a year earlier.
Revenue came to EUR12.78 billion, up 8.5% on year on a reported basis amid higher net interest income and fees, but down 3.3% compared with the first quarter, the company said.
The figures beat consensus expectations of EUR2.80 billion for net profit and EUR12.36 billion for revenue, according to analysts polled by FactSet.
BNP said it posted strong growth of 10.6% in corporate & institutional banking revenue as it secured market-share gains, while its commercial, personal banking & services business grew 11.1%.
The Paris-based bank's core equity tier 1 ratio--a measure of financial strength--was 12.2%, down 20 basis points compared with the end of March, while its return on tangible equity, which gauges profitability, was 12.4%.
BNP said its operating expenses increased by 7.6% on year, though income growth was also higher, known as "positive jaws" in financial terms.
Cost of risk fell 3% on year to EUR789 million, though BNP flagged a EUR511 million provision of expected losses in relation to the invasion of Ukraine, higher inflation and interest rates, partly offset by a release of almost EUR200 million in provisions related to Covid-19.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
July 29, 2022 01:21 ET (05:21 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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