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BNP Paribas Q2 earnings boosted by takeover

Net income rose 30.6% in the second quarter for French banking giant BNP Paribas as revenues from recently acquired lender BNL boosted profits.

BNP Paribas said that quarterly revenues rose a record 40.1% to E7.2 billion while operating income rose by approximately 50% to E2.8 billion. The results include revenues from acquired Italian lender BNL, which contributed E214 million in pre-tax income.

French retail banking revenues increased 11.2% from the year ago period to E1.5 billion while international retail banking and financial services increased its revenues by 25.8% to E1.8 billion. The bank said that the rise was due to organic growth and acquisitions made in 2005, including Commercial Federal in the US and the joint control of Cofinoga.

In its emerging markets, commercial development programs and branch openings in the Mediterranean region, in the Gulf and in Turkey are making progress, with revenues rising 18.5% at constant scope and exchange rates.

BNP Paribas CEO Baudouin Prot said: The group made a decisive step on its growth path in the first half of 2006. It is well positioned to make the most of developments on its markets.