July 31, 2020 / 5:08 AM / 8 days ago

BNP Paribas Q2 results beat expectations as its investment bank thrives

PARIS, July 31 (Reuters) - 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% 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 4% 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%, as fixed income, currencies and commodities (FICC) trading revenue surged 153.8%.

$1 = 0.8405 euros Reporting by Maya Nikolaeva; Editing by Lisa Shumaker

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