BNP Paribas signals lower retail revenue

BNP

Paribas yesterday signalled lower revenue at its cash cow French retail operation as it feels the pinch from low interest rates and declining product fee income. Chief Executive Jean-Laurent Bonnafe said France’s biggest bank will adapt in line with other retail banks that are trying to boost efficiency and develop digital strategies. It posted a 0.2 per cent rise in net profit to €2.56 billion ($2.8 billion) during April to June, including exceptional items such as the sale of Visa Europe shares. (Reuters)