After a first quarter marked by the war in Ukraine, the rebound in inflation and the slowdown in the US economy, analysts did not expect such results. BNP Paribas published, on Tuesday, quarterly results up sharply over one year and above all well above market expectations. The first bank in the euro zone posted 13.2 billion euros in revenue (1.5 billion more than the Bloomberg consensus) and a net profit by the group of 2.1 billion (i.e. 500 million better than the market estimate).
In a press release, the group’s managing director, Jean-Laurent Bonnafé, underlines the group’s ability to support its customers – individuals, companies and institutions – “in all phases of the economic cycle”. Retail banking is doing well (with results up 58.7% year-on-year), but geopolitical tensions have above all generated intense activity for the “Corporate and institutional banking” (CIB) division, which notably includes the investment banking and market activities. This branch’s revenues jumped by more than 28% over one year (to 4.7 billion euros), and its pre-tax profit practically doubled (to reach 1.3 billion), with customers showing themselves to be looking for financing or protection against volatility.