France's largest bank BNP Paribas announced Friday that it delivered a top and bottom line beat in the second quarter, against consensus estimates, as its diversified banking model helped it to weather the recent trading activity downturn more successfully than many peers.
Here are some of the key metrics:
- Q2 net income: 2.396 billion euros ($2.80 billion) vs. 1.91 billion euros estimate, according to Thomson Reuters.
- Q2 revenue: 10.94 billion euros vs. 10.84 billion euros estimate, according to Thomson Reuters.
Speaking to the drivers of the lender's 17.2 percent annual jump in net income (excluding exceptional items), Lars Machenil, chief financial officer (CFO) told CNBC from the company's Parisian headquarters that BNP Paribas's strong result was due to success across the bank's various divisions.
"It's basically a tribute to our operational performance in our three domains and also a tribute to our continued focus on cost reduction," said Machenil, adding that being ahead of competitors in restructuring operations and tending to funding needs soon after the financial crisis had enabled it to now be in a position to capture opportunities from rivals who were still pivoting their business strategy.
"We basically adapted our CIB (Corporate and Institutional Banking division) early on in the regulation so today we are well-capitalized," explained the CFO.