Q2 2024 BNP Paribas SA Earnings Call Transcript
Key Points
- BNP Paribas (BNPQF) reported a strong net income of EUR 3.4 billion for Q2 2024, up 1% year-on-year.
- Revenues increased by 3.9% compared to Q2 2023, driven by strong performance across operational divisions.
- Global Markets division saw a significant revenue increase of 17.6%, with equities up 57%.
- The company achieved efficiency savings of EUR 650 million, contributing to a total of EUR 1 billion for the year.
- BNP Paribas (BNPQF) maintained a solid financial structure with a CET1 ratio of 13%, well above the regulatory requirement.
- Operational costs increased by 3.5%, partly due to the DGS contribution in Italy amounting to EUR 51 million.
- Specialized businesses within CPBS saw a revenue decline of 3.6% year-on-year.
- The cost of risk remains a concern, particularly with a specific credit situation in France impacting the quarter.
- Personal Finance experienced a slight deterioration in cost of risk despite structural improvements.
- The company faces competitive pressures in the Eurozone, particularly in the mortgage and corporate deposit markets.
(please stand by for streaming text)
(Operator Instructions) Good afternoon, ladies and gentlemen, and welcome to the presentation of the PMP Parnaiba Second Quarter 2024 results, with Jean-Laurent Bonnafe, Chief Executive Officer and Lars Machenil, Group Chief Financial Officer.
For your information, this conference call call is being recorded and is dedicated to sell side analysts. Only Supporting slides are available on BNP Paribas IR website, invest dot BMP Paris, but.com. During today's presentation, you will be able to ask your questions by pressing star and one on your telephone keypad. If you would like to ask a question, please make sure to being acquired area to maximize audio quality. I would like now to hand the call over to Noah Hong, Bona Film Group Chief Executive Officer. Please go ahead, sir.
Thank you. Good afternoon, ladies and gentlemen. We'll complete the presentation of our second quarter 2024 resource as usual, at the end of the presentation last time, I will be pleased to take your
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