BNP's Second Quarter Was Respectable in a Difficult Environment
BNP Paribas’ second-quarter earnings were good, and we plan to maintain our narrow moat rating and our EUR 61 ($34 per ADR) fair value estimate. The European bank benefited from volume growth in its diversified portfolio of businesses, a decreasing overall cost of risk, and proceeds from the sale of its stake in Visa Europe. Despite a 0.5% decline in year-over-year operating revenue caused by an adverse foreign-exchange effect, the group’s revenue eked out a 2.2% gain to EUR 11.322 billion. Net ...BNP Paribas is engaged in the provision of banking and financial services. Co.'s business activities are divided into two segments: Retail Banking & Services and Corporate and Investment Banking. The Retail Banking and Services business includes domestic markets and international financial services. The Corporate and Institutional Banking comprises of corporate banking, global markets, and securities services. Other activities include principal investments, which related to Co.'s central treasury function, some costs related to crossbusiness projects, the residential mortgage lending business of personal finance, and certain investments.
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