Profit boost from Fortis puts BNP chief in buoyant mood
BNP PARIBAS posted higher second-quarter profit yesterday thanks in part to its purchase of Fortis assets, and expressed some optimism over prospects for financial markets.
Net profit rose 6.6 per cent from a year earlier to €1.6bn (£1.36bn), while gross operating profit rose 44.7 per cent to €4.06bn, beating an average analysts’ forecast of €3.67bn.
BNP Paribas said its acquisition of some of the key assets of struggling European bank Fortis contributed €261m to net profit. The French group added that its integration of Fortis was on track.
Chief executive Baudouin Prot said that he was feeling more confident.
“I am relatively positive about the markets,” he said.
BNP Paribas added it would buy majority control of Italian consumer finance group Findomestic, currently jointly owned by BNP and Italian bank Intesa Sanpaolo.
In Italy, BNP already owns the BNL retail bank.
The French bank said it would buy an extra 25 per cent stake in Findomestic in the second half of this year for €625m, bringing its shareholding up to 75 per cent.
Rival French bank Société Générale reports today, while Crédit Agricole and Natixis publish figures at the end of the month.