BNP Paribas profit up after retail banking boost

FRENCH bank BNP Paribas saw its second-quarter profit rise by 31 per cent – fuelled by its retail banking division.

Net profit for the three months to July hit to 2.1bn euros (£1.75bn).

Demand for mortgages was especially strong, the bank said.

However, the investment banking division plummeted by 30 per cent.

BNP said in a statement: "BNP's robust model combined with its sound balance sheet and quality assets helped the group successfully pass the stress tests, maintaining a buffer of over 20bn euros in equity compared to the minimum deemed necessary by supervisors to endure a worst case scenario.

"The group also said that it was looking to gain market share in Europe and the Mediterranean, and would be aiming to drive growth in the US, where it owns BancWest."