BNP Paribas hit in Q2 by tough European backdrop
PARIS (AP) — BNP Paribas says its net profit slipped nearly 5 percent in the second quarter as investment banking continued to suffer from the tough economic conditions in Europe.
France’s largest bank made a net profit of 1.76 billion euros ($2.3 billion) in the April to June quarter, down from 1.85 billion euros a year earlier.
Paris-based BNP says Wednesday that its corporate and investment banking revenue fell 2.4 percent from a year earlier and that contributed to a 38.7 percent earnings slide in the quarter.
BNP Paribas noted “renewed tensions in the markets,” stemming notably from confusion over when the U.S. Federal Reserve will start reducing its monetary stimulus.
Earnings at BNP’s retail banking operations, which stretch from Europe to the US, rose nearly 12 percent during the quarter.