BNP Paribas Group has reported second quarter results of the 2009. It has posted a net profit of €1.6 billion, up 6.6% compared to the second quarter 2008 and up 3% compared to the first quarter 2009. It has added that this profit is due to the operating performance of all the divisions despite a high cost of risk, in line with its level in the first quarter of the year.
The consolidated group posted revenues of €9.99 billion, up 32.9% compared to the second quarter 2008. The rise in operating expenses, limited to 19.9%, yielded gross operating income of €4.1 billion, up 56.7% compared to the second quarter 2008. Despite the rise in the cost of risk, the decline in operating income was limited to 8.6% and pre-tax income, which totalled €2.1 billion, was up 4.6% compared to the second quarter 2008.
In the first half of 2009, the group’s revenues were up 30.6% compared to the first half of 2008, and the net income group share was down 9.3% compared to the first half of 2008. The annualised return on equity was 11.8% compared to 15.8% in the first half of 2008.
As at 30 June 2009, the group’s Tier 1 capital was €60.3 billion, up €15.8 billion compared to 31 March 2009 an increase of 9.3% compared to 8.8% as at 31 March 2009 and 7.8% as at 31 December 2008.
Baudouin Prot, CEO of BNP Paribas, said: “The consolidation of BNP Paribas Fortis, which marks a decisive milestone in the realisation of BNP Paribas’ European plan, is progressing actively. It will make it possible to roll out our integrated banking model in Belgium and Luxembourg.”
