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FINANCIALS: BNP Results Look Supportive; Loan Losses, Revenues Beat

FINANCIALS

BNP (BNP: Baa1/A-/A+) results look good with a revenue beat (3%, driven by the CIB), costs reasonable and a loan loss beat meaning pre-tax is c.7% ahead of expectations. Spreads have only tracked the sector since last results (which were a beat themselves), so these figures feel supportive to us.

  • “*BNP PARIBAS 2Q NET INCOME EU3.40B, EST. EU2.95B
  • *BNP PARIBAS 2Q CET1 RATIO 13%, EST. 13.1%
  • *BNP PARIBAS 2Q LOAN-LOSS PROVISION EU752M, EST. EU837.2M
  • *BNP PARIBAS 2Q REV. EU12.27B, EST. EU11.93B” - BBG

Conf call is 1300 (London time) at: https://edge.media-server.com/mmc/p/txkwjnp7/ 

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