BNP BNP Paribas

   By Pietro Lombardi 
 

BNP Paribas SA (BNP.FR) released second-quarter results on Wednesday. Here's what you need to know:

PROFIT: The bank's second-quarter net profit was 2.39 billion euros ($2.80 billion), staying stable from the EUR2.40 billion registered in the same period a year earlier. Analysts saw the bank's net profit for the quarter at EUR2.07 billion, according to a consensus forecast provided by FactSet.

REVENUE: France's largest listed bank by assets delivered a 2.5% on-year rise in revenue that at EUR11.21 billion beat expectations for revenue of EUR10.93 billion, according to a FactSet-provided estimate.

WHAT WE WATCHED

CORPORATE & INSTITUTIONAL BANKING: BNP's corporate and institutional banking business reported a 6.8% fall in revenue compared with the same period last year. The decline was due "due to a lackluster market context in Europe," BNP said. Fixed-income, currencies and commodities revenue plunged 17%, while equity revenue rose 12%.

INTERNATIONAL FINANCIAL SERVICES: The unit's performance boosted the bank's results. Revenue at BNP's international financial-services division, which includes wealth management, consumer finance and insurance, rose 8.7% on year.

COSTS: Operating expenses rose 4.2% on year to EUR7.37 billion. "They included the exceptional EUR275 million impact of businesses' transformation costs and acquisitions' restructuring costs," BNP said.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

(END) Dow Jones Newswires

August 01, 2018 06:10 ET (10:10 GMT)

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