The Board of Directors of BNP Paribas met on 27 July 2017. The meeting was chaired by Jean Lemierre and the Board examined the Group’s results for the second quarter 2017 and endorsed the interim financial statements for the first half of the year.
BNP Paribas delivered a very good operating performance this quarter in an improving economic environment in Europe.
Revenues totalled €10,938 million, down by 3.4% compared to the second quarter 2016. This decrease is due to the fact that revenues included in the second quarter 2016 an exceptional capital gain of +€597 million from the sale of Visa Europe shares while it included this quarter a +€85 million capital gain from the sale of Euronext shares. Separately, there were -€200 million in Own Credit Adjustment (OCA) and own credit risk included in derivatives (DVA) this quarter compared to -€204 million in the second quarter 2016.
Luxembourg Retail Banking’s outstanding loans rose by 7.0% compared to the second quarter 2016, with growth in mortgages and corporate loans, and deposits were up by 13.7% with good inflows in particular on the corporate segment.
In their accouts, BNP Pariba allocated one-third of Luxembourg Private Banking’s net income to the Wealth Management business (International Financial Services division).
