PARIS (dpa-AFX) - BNP Paribas (BNPQY.PK) reported that its second quarter net income, Group share, decreased to 2.81 billion euros from 3.09 billion euros in the previous year. Without the impact of exceptional items, it increased by 16.4%.
The Group's pre-tax income amounted to 4.06 billion euros compared to 4.20 billion euros last year. Without the impact of exceptional items, it increased by 12.5%.
Quarterly revenues declined to 11.36 billion euros from 11.54 billion euros in the prior year. The latest-quarter results included the negative extraordinary impact of 430 million euros, due to changes in TLTRO terms and conditions decided by the European Central Bank in the fourth quarter 2022. Without the impacts, revenues rose by 3.3% compared to the second quarter 2022.
The company confirmed the growth trajectory in distributable net income in 2023.
In a separate press release, BNP Paribas said that it received an approval from the European Central Bank for the second tranche of the share buyback program planned for 2023 for an amount of 2.5 billion euros.
The first tranche of 2.5 billion euros of the 2023 share buyback program was launched on April 3rd, 2023 and will end no later than August 3rd, 2023.
BNP Paribas will launch the execution of the second tranche in the days following the completion of the 1st tranche, beginning of August.
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