BNPP profit falls but structured products sales increase

BNP Paribas reported a net income of €2.81 billion (US$3.06bn) for the second quarter of 2023 – beating analysts’ forecast of €2.42 billion as polled by FactSet but declining 4.9% compared to the prior-year quarter, according to the bank’s latest quarterly report. Revenues dropped 1.5% to €11.4 billion due to ‘unfavourable forex impact and high negative exceptional items this quarter’. The bank, led by CEO Jean-Laurent Bonnafé (pictured), iss