BNP Paribas delivered group net income of EUR 3.395 billion in the second quarter of 2024, a 1.6% increase compared with the same period a year earlier, as growth at Corporate & Institutional Banking and Investment & Protection Services offset stable revenues at Commercial, Personal Banking & Services. Revenues rose 3.9% year-on-year to EUR 12.27 billion, driven by Corporate & Institutional Banking (up 12.1%) and Investment & Protection Services (up 3.0%), while Commercial, Personal Banking & Services revenues were stable (down 0.3%) and Specialised Businesses revenues fell 3.6%.
Earnings per share reached EUR 2.81, a rise of 8.1% year-on-year. Gross operating income increased 3.4% to EUR 5.09 billion, and the cost of risk came in at 33 basis points, remaining below the group's full-year target ceiling of 40 basis points.
CAPITAL
BNP Paribas reported a CET1 ratio of 13.0% at the end of the second quarter. The ratio was down 10 basis points on the quarter and above SREP requirements and the group's 12% objective.
FULL-YEAR TARGETS CONFIRMED FOR 2024
BNP Paribas used the second quarter results to confirm its full-year financial targets for 2024, stating that it expects revenue growth in excess of 2%, a positive jaws ratio, a cost of risk below 40 basis points, and net income above EUR 11.2 billion for the full year.
Positive jaws refers to revenue growing at a faster rate than costs.
The Q2 2024 results were published by BNP Paribas on 24 July 2024 in a press release made available through the group's investor relations platform. The bank said the quarter's performance confirmed the robustness of its integrated and diversified model, and that it remained on course to deliver on the targets communicated to shareholders and market participants for the current financial year.