PARIS (dpa-AFX) - (Adds Outlook)
For the full year, BNP Paribas has confirmed its outlook.
The company continues to expect fiscal 2024 revenue to grow more than 2 percent from the last year figure of 46.9 billion euros.
Net income for the year is still expected to be higher than fiscal 2023 profit of 11.2 billion euros.
Q2 Results:
BNP Paribas (BNPQY.PK) Wednesday reported pre-tax income of 4.422 billion euros for the second quarter, higher than 4.058 billion euros in the same quarter a year ago, primarily helped by growth in Corporate & Institutional Banking. The results were particularly helped by 57% rise in Equity and prime services revenue to 1.147 billion euros.
However, pre-tax profit was lower than distributable pre-tax income of 4.591 billion euros posted last year on an adjusted basis.
Operating income increased to 4.251 billion euros from 3.785 billion euros a year ago. Distributable operating income was 4.318 billion euros last year.
Net income increased to 3.395 billion euros from net income of 2.810 billion euros and distributable net income of 3.343 billion euros a year ago.
Earnings per share were 2.81 euros, up 8.1 percent form last year.
Revenue for the quarter grew to 12.270 billion euros from 11.363 billion euros and distributable revenue of 11.811 billion euros in the previous year.
Net banking income (NBI) at Corporate & Institutional Banking (CIB) rose 12.1 percent to 4.481 billion euros, NBI for Commercial, Personal banking & services (CBPS) decreased 0.3 percent to 6.758 billion euros, and Investment $ Protection Services (IPS) revenue increased 3 prevent to 1.472 billion euros.
As of June 30, assets under management increased 2.2 percent sequentially to 1,312 billion euros.
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