Paris-based bank BNP Paribas has just released its financial results for the second quarter of 2023 and for the first half of the year.

BNP Paribas Wealth Management reported strong results in 2023, with a 6.6 per cent growth in revenue in the second quarter, compared with the same period in 2022, and an 8.6 per cent rise in the first six months of the year.

“There were also very good net asset inflows of +5.9 per cent in the second quarter, notably in Europe and internationally,” Vincent LeComte, CEO BNP Paribas Wealth Management, (pictured) said in a statement.

“In this challenging environment, we remain highly committed to addressing the needs of our clients in all our geographies. We are further developing our entrepreneurs' franchise by leveraging all of our resources as OneBank and to support the development of their projects over the long term. These results constitute a solid base to achieve our objectives in line with the 2025 Growth Technology Sustainability (GTS) plan. Thanks go to our clients for their trust and to our teams for their dedication which allow us, together, to stay the course,” LeComte continued.

Overall, BNP Paribas reported solid results in the second quarter of 2023, with a 3.3 per cent rise in revenues, compared with the same period of 2022. The group also reported a 16.4 per cent increase in its net income compared with the second quarter of 2022. Distributable net income, which serves as a basis for calculating the distribution amount to shareholders, came to €3,260 million in the second quarter of 2023, or a net income per share of €4.72 in the first half of 2023, up by 16.8 per cent, compared with the first half of 2022, the bank continued.

“BNP Paribas achieved a very good performance in the second quarter, reflecting the solidity of our diversified model, the efficiency of our platforms, and the group’s capacity to pursue its development in order to address the needs of its individual, corporate and institutional clients,” chief executive officer Jean-Laurent Bonnafé said. 

“The second quarter was highlighted by a further strengthening of our commitments to the energy transition, which allows us to contribute ever more actively to the transitions of our economies and of our clients,” he continued. 

First half of 2023
For the first half of the year, revenues, at €23,395 million ($25,742 million), were stable compared with the first half of 2022 (€23,404 million), the bank said in a statement. In the operating divisions, revenues rose by 2.6 per cent compared with the first half of 2022. They rose by 1.1 per cent at corporate and institutional banking (CIB), supported by the strong increase in revenues of 15.3 per cent at global banking and a rise of 3.1 per cent at securities services. Global markets' revenues were down by 6.6 per cent, due to more normalised client activity, the bank said.

Corporate, personal banking and services (CPBS) revenues were up by 4.6 per cent, supported by growth in commercial and personal banking, and increased revenues at specialised businesses, the bank continued. IPS revenues were up by 0.5 per cent, driven by strong revenue growth at insurance of 7.8 per cent and wealth management at 8.6 per cent, offset by the impact of a lacklustre environment in real estate. The group’s operating expenses, at €16,080 million, were up by 3.5 per cent compared with the first half 2022. Net income, group share therefore came to €7,245 million in the first half 2023, the bank added.