BNP PARIBAS, France’s biggest bank by market value, posted higher second-quarter profit yesterday, helped by 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 €1.604 billion, while gross operating profit rose 44.7 per cent to €4.06 billion, beating the average forecast of €3.67 billion in a Reuters poll of 12 analysts.
BNP Paribas said its acquisition of some of the key assets of struggling European bank Fortis contributed €261 million to net profit. The French group added that its integration of Fortis was on track.
Rival French bank Société Générale reports today, while Crédit Agricole and Natixis publish figures at the end of the month.
While many of the world’s biggest banks have reported solid profits this quarter – leading some analysts to believe that the worst of the financial crisis might be over – UBS and Morgan Stanley have continued to post losses.
BNP Paribas chief Baudouin Prot told French radio that he was feeling more confident. “I am relatively positive about the markets.”
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. – (Reuters)
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