Profits up 20% at BNP Paribas

1 August 2007

BNP Paribas has posted a 20 per cent increase in second-quarter net profits.

The French bank's profit stood at $3.13 billion from the year ago period's figure of $2.5 billion.

Revenue, meanwhile, was up 13 per cent to $11.02 from $9.89 a year earlier.

Earnings growth of 24 per cent was noted in the bank's corporate and investment banking arm, where fees from interest-rate and equity derivatives hit record levels and helped the unit to profits of 1.24 billion euros.

Meanwhile, pre-tax earnings from asset management hit 575 million euros - up 22 per cent compared with the same period last year.

BNP Paribas' limited exposure to the crisis in the US sub-prime mortgage market also helped the Paris-based bank to its improved showing, chief executive officer Baudouin Prot said.

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development