BNP Paribas posts a profit rise on retail rebound and lower provisions
- Revenue was up 0.9%, as a 9.5% rebound in retail banking offset a drop in earnings from corporate and investment banking
PARIS: French bank BNP Paribas reported a 26.6% rise in net income in the second quarter, spurred by a rebound of French retail banking activity and as provisions for bad loans dropped back to pre-pandemic levels.
The euro zone's biggest listed lender said net income profit stood at 2.91 billion euros ($3.5 billion) with its cost of risk, reflecting provisions for bad loans, down by 43.8% at 813 million euros in the quarter.
Revenue was up 0.9%, as a 9.5% rebound in retail banking offset a drop in earnings from corporate and investment banking.
French bank BNP Paribas plans to raise stake in its Exane unit
The lender said it will pay shareholders an additional dividend of 1.55 euro per share this year after the European Central Bank said last week it would lift restrictions on bank dividend payments and share buybacks beyond September, ending a crisis measure that forced banks to retain capital during the pandemic.
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