BNP Paribas has posted a 20 per cent increase in second-quarter net profits.
The French bank’s profit stood at $3.13 billion from the year ago period’s figure of $2.5 billion. Revenue, meanwhile, was up 13 per cent to $11.02 from $9.89 a year earlier.
Earnings growth of 24 per cent was noted in the bank’s corporate and investment banking arm, where fees from interest-rate and equity derivatives hit record levels and helped the unit to profits of 1.24 billion euros.
Meanwhile, pre-tax earnings from asset management hit 575 million euros – up 22 per cent compared with the same period last year.
BNP Paribas’ limited exposure to the crisis in the US sub-prime mortgage market also helped the Paris-based bank to its improved showing, chief executive officer Baudouin Prot said.