法国巴黎银行二季度净利润同比增约三分之一但股价早盘下跌

French lender BNP Paribas (BNPP.PA) beat second-quarter forecasts as record equity trading and a rebound ​in retail banking helped lift net profit by a third, offsetting higher costs from the integration of AXA Investment Managers.

Net ‌income in the three months to end-June rose to €4.35 billion ($4.97 billion), also boosted by one-off gains from a reworked Ageas insurance partnership, and beat the €4.21 billion average of 15 analyst estimates compiled by the bank.

Revenue at the euro zone's biggest bank by assets rose 12% year-on-year to €14.1 billion, also above expectations, while operating expenses increased at a pace of 10%.

Analysts ​flagged costs as a soft spot in an otherwise upbeat quarter, pointing to expenses running slightly above expectations following the €5.1 billion acquisition ​of AXA's asset management arm, as well as continued weakness at car-leasing unit Arval.

"Street will probably focus on the ⁠perceived cost 'miss', but we suspect BNP used the strong revenue result to front-load AXA IM integration costs," Jefferies said in a note. Citi called ​it "a good set of results", highlighting strong equities performance and solid capital generation.

BNP's shares were edging down by 0.8% in early trading. The bank's shares, which ​had underperformed rivals in recent years, are up close to 30% in 2026, nearly double the average lender in Europe (.SX7P).

BNP Paribas is the first of the European investment banks to report second-quarter numbers, with investors eager to see how they have fared amid a surge in trading activity triggered by the Iran war, as well as a ​frenzy of corporate dealmaking, that has delivered a huge revenue haul for bigger Wall Street rivals.

Volatility in financial markets triggered by the Iran war ​has provided a boon for trading floors, while blockbuster M&A deals and IPOs have fuelled investment banking fees.

EQUITY TRADING REVENUE HITS RECORD

BNP's long-time CEO Jean-Laurent Bonnafe has made ‌the investment ⁠bank critical to the French lender's overall success, but performance has been subdued in some recent quarters.

Sales at BNP's corporate and institutional banking division rose 13%, ahead of expectations, supported by a 43% jump in equity and prime services revenue to a record level.

Fixed-income, currencies and commodities trading revenue was broadly flat, however, lagging U.S. peers, which all reported strong growth in the business.

Several Wall Street rivals, including JPMorgan and Bank of America, reported overall ​investment bank revenue increases of more ​than 30%.

In its core French and ⁠Belgian retail businesses, BNP reported year-on-year growth of about 17% in net interest income -- the difference between what a bank earns on loans and pays on deposits. BNP's Italian retail unit, by contrast, posted a near 5% ​decline in net interest income as lending revenue weakened.

CAPITAL BOOST, TARGETS REAFFIRMED

The bank said it had reached its ​13% Common Equity ⁠Tier 1 (CET1) ratio target, a key measure of financial strength, at the end of June, ahead of an end-year target Bonnafe cited in April.

The capital position was helped by the completion in April of a reworked partnership with Belgian insurer Ageas, which generated €858 million in gains.

The French lender, which confirmed its 2026 and 2028 ⁠financial targets, ​said it would lay out its next strategic plan in February of next year.

Investors are ​also monitoring BNP's appeal against a U.S. court judgment linked to Sudan-related litigation.

The bank filed its opening brief with the U.S. Court of Appeals for the Second Circuit in May and said it ​has since received support through amicus briefs from the U.S. and Swiss governments.

($1 = 0.8746 euros)