Growth remains slow in France, but strong inflows point to a turnaround in asset management.
Narrow-moat BNP Paribas posted a good second quarter driven by strong operational performance in its corporate and institutional banking business. Net income excluding one-off items came in at EUR 2.6 billion, up 17% year over year, while cost of risk decreased 16% to 36 basis points of outstanding customer loans. We are especially pleased with this quarter’s capital generation, as return on tangible equity of 12.7% annualized was strong and above our long-term forecast for the bank. The fully l...
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