French bank BNP Paribas reported better-than-expected second-quarter earnings as provisions for bad loans eased and its investment banking unit flourished amid jittery markets.
The largest French bank said net profit rose 9.1% to 3.18 billion euros on a year-on-year basis, while estimates called for a net profit of 2.70 billion euros.
Revenue rose 8.5% to 12.78 billion euros, an increase that was greater than operating expenses, which rose 7.6% to 7.72 billion euros.
The funds it saved for bad loans stood at 789 million euros, about 100 euros lower than expected.
Activity increased across all business units, with retail banking up 11.1%, while investment banking also grew 10.6%.
BNP’s revenues from fixed income, foreign exchange and commodities transactions increased 14.8% in the second quarter, while revenues from equity transactions increased 16.1%.
Source: Capital
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