BNP Paribas' 2Q Below Our Expectations; Cutting Our Earnings Outlook and FVE
No-moat BNP Paribas reported attributable net income of EUR 2.4 billion for the second quarter of 2018, in line with what it reported for the second quarter of 2017 and significantly ahead of the EUR 2.1 billion that consensus expected. The result takes BNP up to EUR 4 billion for the first half of 2018. Our previous net income estimate for 2018 of EUR 8.4 billion looks full, and we are paring our estimate for revenue by 2% and increasing our expectation for expense growth by 1%, which leads to ...
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