BNP Paribas profit falls, expands in Germany

BNP Paribas

French banking group BNP Paribas said on Wednesday it was expanding its business in Germany, hiring 500 people over the next three years in a country it considers key to growth in Europe.

The group is targeting about 1.1 million clients and 1 percent market share in individuals' deposits in Germany by 2017 via its new "Hello Bank" online banking brand.

The group posted a 4.7 percent drop in second quarter net profit to 1.76 billion euros ($2.33 billion), above analysts' expectations of 1.6 billion euros forecast in a Reuters poll.

Jean-Laurent Bonnafe, chief executive of BNP Paribas, told CNBC the results were "satisfactory."

(Read more: BNP Paribas CEO 'satisfied' after 45% profit drop )

The result was achieved thanks to resilient revenues in Europe and the ongoing improvement of operating efficiency, BNP said.

(Read more: BNP Paribas to focus on Asia, US as Europe slows )

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