BNP Paribas, the French bank, recently released its second-quarter financial results. Let’s take a closer look:
The bank reported a total revenue of 11.36 billion euros ($12.59 billion) for the second quarter. While this reflects a 1.5% decline compared to the same period last year, it is still higher than the estimated revenue of 11.2 billion euros, as predicted by analysts.
BNP Paribas reported a net profit of 2.81 billion euros, showing a 9.2% decline when compared to last year’s figures. Nevertheless, this result surpassed analysts’ expectations of 2.42 billion euros.
- Revenue Momentum: Despite predicting a challenging quarter for the bank, Jefferies analysts Flora Bocahut and Theo Massing noted that BNP Paribas performed better than expected. However, they mentioned that there were no significant reasons for excitement in their research note. Citi analysts stated that the bank displayed more favorable commerce banking trends than anticipated, while RBC Capital Markets analyst Anke Reingen pointed out a slowdown in commercial, personal banking, and services loan volume growth compared to the first quarter.