July 31, 2019 / 5:13 AM / 4 months ago

BNP Paribas' Q2 profits buoyed by corporate and investment banking arm

PARIS, July 31 (Reuters) - BNP Paribas, France’s largest bank in terms of assets, on Wednesday said that a strong performance by its corporate and investment banking division had buoyed its profits during the second quarter.

Net profit during the quarter rose 3.1% to 2.47 billion euros ($2.8 billion) out of 11.22 billion euros in revenues.

The bank attributed its performance to strong growth at its corporate and investment banking unit, which saw its overall revenue during the quarter rise 4% to 3.1 billion euros.

Favorable market conditions as well as the first effects of a 350 million euro cost-cutting plan launched in February beefed up the unit’s profitability, said BNP Paribas.

$1 = 0.8966 euros Reporting by Inti Landauro and Matthieu Protard

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