BNP Paribas reports sharp rise in second-quarter profit

BNP Paribas announced on Thursday that its second-quarter profit rose sharply, helped by the sale of its stake in a Belgian insurance firm.

The French banking group said it made 4.3 billion euros, or $4.9 billion, in the quarter. Its net profit rose 33.4 percent from a year earlier, a result in line with expectations from analysts surveyed by Bloomberg and FactSet.

BNP Paribas said its asset management division performed strongly after last year's acquisition of AXA IM. Its profits, close to a record set in 2023, were also supported by a gain of about 850 million euros linked to the sale of a 25 percent stake in AG Insurance through its Belgian subsidiary.

The bank has not yet reflected a possible financial impact from a US court case. In October, a jury found BNP Paribas liable in connection with atrocities that took place under the rule of Sudan's Omar al-Bashir. The jury awarded more than $20 million in damages to three plaintiffs. BNP Paribas appealed the verdict in May.