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BNP Paribas net profit jumps 31.2% in Q2

(Xinhua)
Updated: 2010-08-03 01:20

PARIS - BNP Paribas, a European leader in global banking and financial services and one of the six strongest banks in the world, posted a 31.2-percent rise in net profit in the second quarter of 2010 over the same period of last year, the bank said on Monday.

BNP Paribas' net profit stood at 2.105 billion euros ($2.752 billion) in the second quarter, compared with 1.604 billion euros in 2009, outpacing market expectations, the bank said in a quarterly financial report.

The bank's net profit in the first half of the year rose 38.8 percent to 4.388 billion euros, it added.

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Strong growth in retailed bank and investment solution business units had driven higher the bank's revenue by 11.8 percent in the second quarter of the year, to 11.174 billion euros.

Cost risks shrank more than half to 1.081 billion euros, which helped the bank to boost its operating income to 3.679 billion euros.

"These results illustrate the strength of BNP Paribas' model, as it emerges from the crisis during which the Group made substantial profits each year thanks to gross operating income that has consistently surpassed the cost of risk by far," said the bank.

The good earnings report pushed the bank's shares higher by 4.89 percent to 55.29 euros.