The retail banking arm of BNP Paribas has reported pre-tax income of €2.45bn for the second quarter of 2017, a rise of 5% compared to €2.34bn in the year ago period.
The unit’s quarterly revenues were €7.73bn, up 1% from €7.63bn in the second quarter of 2016.
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Revenues in the bank’s French Retail Banking unit remained almost stable at €1.6bn. The unit’s net interest income dipped 1% to €885m from €900m a year ago.
Overall, BNP Paribas group registered pre-tax income of €3.46bn in the second quarter of 2017, a fall of 2% from €3.52bn in the same period a year earlier.
The banking group’s net income attributable to equity holders was €2.39bn, down 6% from €2.56bn a year ago. Revenues dipped 3% year-on-year to €10.94bn.
BNP Paribas CEO Jean-Laurent Bonnafe said: “With 2.4 billion euros in net income, BNP Paribas again delivered a very good performance this quarter. The revenues of the operating divisions were up thanks to the good business drive and operating expenses were down as a result of the implementation of the transformation plan. The cost of risk is under control and was down significantly. The Group’s balance sheet is very solid and the increase in the fully loaded Basel 3 common equity Tier 1 ratio to 11.7% testifies to this.”
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