On 3 August 2009, the Board of Directors of BNP Paribas, in a meeting chaired by Michel Pébereau, examined the Group's second quarter results as well as the first half financial statements.
NET PROFIT OF 1.6 BILLION EUROS, CONFIRMING STRONG PROFIT GENERATING CAPACITY
In an environment characterised by a continued deterioration in the economy and a gradual normalisation of the markets, BNP Paribas Group again had a solid performance, generating a net profit (group share) of 1,604 million euros, up 6.6% compared to the second quarter 2008 and up 3.0% compared to the first quarter 2009.
This strong profit generation capacity is due to the very good operating performance of all the divisions despite a high cost of risk, in line with its level in the first quarter of the year.
The consolidated Group posted revenues of 9,993 million euros, up 32.9% compared to the second quarter 2008. The rise in operating expenses, limited to 19.9%, yielded gross operating income of 4,175 million euros, up 56.7% compared to the second quarter 2008. Despite the significant rise in the cost of risk, the decline in operating income was limited to 8.6% and pre-tax income, which totalled 2,170 million euros, was up 4.6% compared to the second quarter 2008.
In the first half of 2009, the Group's revenues were 19,470 million euros (up 30.6% compared to the first half of 2008), and the net income group share came to 3,162 million euros (down 9.3% compared to the first half of 2008), or a half year net earnings per ordinary share of 2.9 euros. The annualised return on equity was 11.8% compared to 15.8% in the first half of 2008.
VERY GOOD OPERATING PERFORMANCE
Despite a still challenging economy, all the Group's divisions continued to expand their businesses and made a positive contribution to the Group's performance. BNP Paribas thereby demonstrated the robustness of its integrated banking model in a challenging environment.
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Diapositives Financial Stability Board