HALISTER: BNP 2Q Net Beats Estimate, Fully Loaded CET1 Ratio 11.1%

BNP 2Q Net Beats Estimate, Fully Loaded CET1 Ratio 11.1%

(Bloomberg) -- BNP Paribas 2Q net income EU2.56b (+0.2% y/y) vs est. EU2.21b.
  • 2Q rev. EU11.3b (+2.2%) vs est. EU11b
    • Rev. includes EU597m capital gain from Visa Europe sale
  • 2Q operating units rev. -0.5% y/y (+0.7% at constant scope and exchange rates)
  • Fully loaded CET1 ratio 11.1% end-June vs 11% end-March
  • 2Q loan-loss provisions EU791m (-12% y/y)
  • 2Q CIB rev. +1.4% y/y
  • 2Q FICC rev. +17% on rates, FX, bond sales
  • 2Q Equity and Prime Services business unit rev. -19%
  • BNP “actively implementing” remediation plan demanded by U.S.
  • PREVIEW here
  • Related
    • BNP is trading on 7.6x next year’s earnings vs 9x for the Stoxx 600 Banks index according to Bloomberg data
    • Stock has risen 9.4% month-to-date vs 6.7% rise in Stoxx 600 Banks index; is down 17% YTD vs a 27% fall in SX7P index
Alert: HALISTER
Source: BFW (Bloomberg First Word)

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BNP FP (BNP Paribas SA)

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