BNP 2Q Net Profit Rose on Stake Sale, Lower Tax
July 31 2019 - 1:39AM
Dow Jones News
By Pietro Lombardi
BNP Paribas SA's (BNP.FR) second-quarter net profit rose, helped
by slightly growing revenue, gains on a stake sale and lower income
tax.
France's largest listed bank by assets had a net profit of 2.47
billion euros ($2.75 billion) for the quarter compared with EUR2.39
billion a year earlier, it said Wednesday.
Revenue edged up to EUR11.22 billion from EUR11.21 billion.
Analysts had expected the bank to achieve a net profit of
EUR2.11 billion on revenue of EUR10.95 billion, according to a
consensus forecast provided by FactSet.
The bank posted a gain on the sale of a stake in SBI Life
Insurance, its Indian joint venture with the State Bank of India,
and the deconsolidation of the remaining stake.
BNP's core Tier 1 capital ratio--a key measure of capital
strength--increased to 11.9% in June from 11.7% in March.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
July 31, 2019 01:24 ET (05:24 GMT)
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