BNP Paribas Q2 results beat expectations as its investment bank thrives

A view of a BNP Paribas bank office in Paris, France. Credit: Reuters Photo

BNP Paribas beat analysts' profit estimates in the second quarter, as fixed-income trading and debt underwriting thrived during the Covid-19 crisis.

BNP Paribas said its net income fell by 6.8 percent in the second quarter year-on-year to 2.3 billion euros ($2.74 billion), compared to an average estimate of 1.5 billion euros in a Reuters poll of five analysts.

Revenue rose by four percent to 11.7 billion euros, versus an 11.0 billion euros estimate in the poll.

Revenue at its corporate and institutional bank rose by 33.1 percent, as fixed income, currencies and commodities (FICC) trading revenue surged 153.8 percent.