BNP Reaps Record Profit as Higher Rates Boost Lending, Trading
- French lender beats on revenue and profit in volatile quarter
- CEO Bonnafe has bulked up key units as rivals had to sell
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BNP Paribas SA posted its highest profit on record as lending income rose amid the prospect of higher interest rates and volatile markets lifted securities trading in the second quarter.
Revenue at the unit that houses BNP’s retail operations rose 11%, reflecting higher fees, rising rates and gains in specialized businesses, the Paris-based firm said in a statement Friday. In the corporate and investment bank, equities trading rose 16%, double what the biggest Wall Street banks reported, after a series of deals to make BNP one of the top European firms in that business.