BNP Paribas: market activities boost Q2 results
(CercleFinance.com) - BNP Paribas has announced better-than-expected Q2 results, boosted by the strength of its capital markets activities, and confirmed its targets for FY 2024.
The French banking group's net profit rose 1.6% over the quarter to almost E3.4bn, while analysts were expecting less at E2.9bn.
Revenues rose by 3.9% to E12.3bn, thanks to an "excellent quarter" for the corporate and investment banking arm (+12%).
In capital markets activities, the Paris-based institution generated a sharp 18% increase in revenues between April and June, driven by equity-related business (+57%), which more than offset the weakness of fixed-income business (-7%).
The group - which plans to continue implementing its operational efficiency measures and its "disciplined" cost management in H2 - says it is "well positioned" for the new phase of the economic cycle.
BNP thus confirms its annual targets, i.e. revenues up over 2% from 2023 (E46.9bn) accompanied by net income, Group share, above 2023 (E11.2bn).
However on the stockmarket, investors were not thrilled by these better-than-expected quarterly results: the BNP Paribas share was down 0.5% in early trading in the wake of this publication.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The French banking group's net profit rose 1.6% over the quarter to almost E3.4bn, while analysts were expecting less at E2.9bn.
Revenues rose by 3.9% to E12.3bn, thanks to an "excellent quarter" for the corporate and investment banking arm (+12%).
In capital markets activities, the Paris-based institution generated a sharp 18% increase in revenues between April and June, driven by equity-related business (+57%), which more than offset the weakness of fixed-income business (-7%).
The group - which plans to continue implementing its operational efficiency measures and its "disciplined" cost management in H2 - says it is "well positioned" for the new phase of the economic cycle.
BNP thus confirms its annual targets, i.e. revenues up over 2% from 2023 (E46.9bn) accompanied by net income, Group share, above 2023 (E11.2bn).
However on the stockmarket, investors were not thrilled by these better-than-expected quarterly results: the BNP Paribas share was down 0.5% in early trading in the wake of this publication.
Copyright (c) 2024 CercleFinance.com. All rights reserved.