BNP Paribas Q2 net income of €2.39bn is down by 0.1% from a year ago but the bank’s results beat market forecasts.
Revenue of €11.2bn is up by 2.5% from the year ago quarter.
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For the first half of fiscal 2018, BNP Paribas revenue is down by 1.0% to €22bn.
BNP CEO Jean-Laurent Bonnafé said: “BNP Paribas delivered a solid performance this quarter with €2.4bn in net income. Revenues, driven by the specialised businesses, increased in the context of economic growth in Europe despite an unfavourable foreign exchange effect and less favourable financial markets compared to the second quarter 2017.
“The Group is actively implementing its digital transformation and new customer experiences rollout plan.”
BNP Paribas Q2: retail banking highlights
Deposits at BNP‘s domestic French retail unit increased by 4.8%, driven by strong growth in current accounts.
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By GlobalDataLoans grew by 4.8% year-on-year.
BNP’s recently acquired Compte Nickel unit, serving customers from France’s tobacconists’ network, opened 950,000 accounts.
BNP is on target to grow Nickel customer numbers to 2 million by its 2020 target.
French retail banking pre-tax income rose by 7.1% y-o-y to €397m.
BNP Paribas Q2: digital highlights
BNP’s digital sub-brand Hello Bank grew customer numbers by 75,000 in the second quarter, a 9% increase year-on-year.
BNP’s digital customer numbers in France grew by 8% year-on-year to 8 million in the second quarter.
LyfPay, a universal mobile payment solution has recorded over 820,000 downloads and its roll-out of was extended to over 500 Casino stores in France since the start of the year.
Other highlights included the bank’s international financial services unit with revenue up by 8.7% in the first half.
BNP’s 2020 Transformation Plan targets cost savings of €1.1bn in 2018 and remains on track.
Despite a generally positive performance BNP’s share price is down by 10.8% for the year to date.
