BNP Paribas Sees Operating Expenses Decrease in Luxembourg

The results of the second quarter of 2018 for BNP Paribas have shown a decrease in operating expenses in its domestic networks, including Luxembourg.

Despite an increase of 2.8% in operating expenses of the operating divisions compared to the second quarter of 2017, such expenses went down in the bank's domestic networks of France, Belgium, Italy and Luxembourg. The gross operating income of the Group thus totalled €3,838 million, down by 0.7% and by 1.7% for the operating divisions. 

Regarding the Luxembourg domestic market business unit in particular, the outstanding loans of Luxembourg Retail Banking (LRB) rose by 9.0% compared to the second quarter of 2017, with strong growth in mortgage and corporate loans. Deposits were up by 14.6% with very good inflows in particular in the corporate segment. 

All in all, the BNP Paribas Group recorded a net income of €2.4 billion in this quarter "despite an unfavourable foreign exchange effect and less favourable financial markets compared to the second quarter 2017" (as quoted by Chief Executive Officer Jean-Laurent Bonnafé).