BNP Paribas, Q2 profit rises to 3.4 billion euros thanks to trading

BNP Paribas Q2 profit rises to 34 billion euros thanks

(Telestock) – BNP-Paribasthe eurozone’s largest bank by market value, closed its second trimester of 2024 with a Net income up 21% on a reported basis compared to the previous year, reaching 3.4 billion euros, beating analysts’ expectations of 2.91 billion euros (according to a consensus provided by the company). On an adjusted basis, net profit was up 1.6%.

THE revenues amounted to 12.27 billion euros, up +3.9% on an adjusted basis. The French group recorded an excellent quarter for CIB (+12.1%), in particular with Global Markets (+17.6%); stable revenues for CPBS, with positive trends in commercial banks (fees: +7.4%) and adverse factors that will ease in the second half of 2024; satisfactory performances for IPS, in particular at the level of Insurance (+5.2%) and Asset Management (+9.8%).

Focusing on the intermediation margin of Corporate & Institutional Banking (CIB)there was significant growth (+12.1%) thanks to the combined effect of the good performance of the three business lines. In particular, Global Markets (+17.6%) benefited from a pronounced growth in the Equity & Prime Services (+57.5%), which largely offsets the decline in FICC (-7.0%). Global Banking (+5.4%/2Q23) is also supported by the Capital Markets (+12.5%) and Transaction Banking (+7.6%) activities. Finally, Securities Services (+10.5%) records constant growth, driven by commission volumes and the improvement in the interest margin.

“With its diversified and integrated business model, the Group has achieved agreat performance in the 2nd quarter of 2024, thanks to the commercial dynamics of its operating divisions – commented the CEO Jean-Laurent Bonnafe – We remain focused on our commitment to best serve our clients, to develop our platforms, particularly in Asset Management, Wealth Management and Insurance, and to continue to gain market share in CIB, while maintaining a balanced capital allocation.”

“In the second half of 2024, we will also continue to implement operational efficiency measures and rigorously manage the cost of risk throughout the cycle – he added – BNP Paribas is in good location to face the new phase of the economic cycle and therefore confirms its trajectory for 2024″.

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