BNP Paribas said that the company’s organic growth (excluding exceptional items) has offset the impacts of the sale of Bank of The West, and the revenue growth (in select business units) was supported by the strength of its diversified model
BNP Paribas registered head office. (Credit: Boubloub/Wikipedia)
BNP Paribas has reported a net income of €2.81bn for the second quarter ended 30 June 2023, a 9.2% decline compared to €3.09bn for the corresponding quarter in the previous year.
The French financial services company reported total revenues of €11.36bn for the second quarter (Q2) of 2023, a 1.5% decrease compared to €11.53bn for the same period in 2022.
The company reported a pre-tax income of €4.05bn for Q2 2023, a 3.4% decline compared to €4.20bn for the respective quarter in the previous year.
BNP Paribas reported an operating income of €3.78bn for Q2 2023, a 5.4% decrease compared to €3.99bn for the same period in 2022.
The company said that its organic growth (excluding exceptional items) has offset the impacts of the sale of Bank of The West, and the revenue growth (in select business units) was supported by the strength of its diversified model.
BNP Paribas CEO Jean-Laurent Bonnafé said: “BNP Paribas achieved a very good performance in the second quarter, reflecting the solidity of our diversified model.
“The efficiency of our platforms, and the Group’s capacity to pursue its development, in order to address the needs of its individual, corporate and institutional clients in all phases of the economic cycle.
“With its “Growth, Technology and Sustainability 2025” strategic plan, the Group continues to develop leading platforms at the service of the European economy, to pursue its technological progress, and to support its clients in their transition towards a more sustainable model.
“Accordingly, the second quarter was highlighted by a further strengthening of our commitments to the energy transition, which allows us to contribute ever more actively to the transitions of our economies and our clients.”
BNP Paribas’ corporate and institutional banking business reported revenues of €4bn for Q2 2023, a 2% decrease compared to €4.09bn for the respective quarter in 2022.
The company’s global banking business reported revenues of €1.42bn for Q2 2023, a 15% increase compared to €1.23bn for the period in the previous year.
The French lender’s global markets unit reported revenues of €1.91bn for Q2 2023, a 12% decline compared to €2.19bn for the same quarter last year.
BNP Paribas securities services business reported revenues of €661m for Q2 2023, which slightly decreased compared to €663m for the respective quarter in 2022.
The company’s commercial and personal banking unit reported revenues of €6.77bn for Q2 2023, a 3% rise compared to €6.58bn for the same period last year.