BNP Paribas beat estimates on debt financing, cost management
BNP Paribas Bank logo is seen in this illustration taken March 12, 2023. REUTERS/Dado Ruvic/Illustration/File PhotoIncludes 125 mln euros for unspecified litigation, the euro zone's biggest bank, beat estimates in the second quarter as its corporate debt financing business and strong cost management partly offset a slump in securities trading.
Group revenue fell 1.5% to 11.4 billion euros, also above expectations, while the cost of risk - money put aside for failing loans - was lower than expected at 689 million euros."A beat on better cost control is rare and reassuring about BNP's focus on controlling costs in a high inflation environment," Royal Bank of Canada said in a note to clients.The downturn in BNP's corporate and institutional banking unit follows a streak ofBNP's timely exit from the U.S.
By contrast, sales from global banking activities within CIB - comprising bond issues, syndicated loans and cash management - jumped by 17.5% in the quarter at constant scope and currencies.
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