By Olivia Bugault 
 

BNP Paribas SA said Friday that second-quarter net profit and revenue rose as it booked lower provisions to cover credit losses, while it will distribute another dividend.

France's largest listed bank by assets posted net profit for the period of 2.91 billion euros ($3.45 billion), up from EUR2.30 billion a year earlier and beating expectations of EUR2.46 billion, according to a consensus provided by FactSet. Revenue edged up 0.9% to EUR11.78 billion, it said.

Its investment-bank division posted lower revenue, with global markets revenue down 17% and corporate banking revenue 1.6% lower. Though lower compared to 2020, revenue at the division was up 20% compared with the same period in 2019, it said.

The Paris-based lender set aside EUR813 million for potential loan losses, 44% less than during the same period last year.

BNP's common equity Tier 1 ratio--a key measure of capital strength--was 12.9% at the end of June.

The bank said it will propose an ordinary dividend of EUR1.55 a share in cash at its general meeting on Sept. 24 that comes in addition to a previous dividend of EUR1.11 a share paid in May.

 

Write to Olivia Bugault at olivia.bugault@wsj.com

 

(END) Dow Jones Newswires

July 30, 2021 01:23 ET (05:23 GMT)

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