PARIS – France’s BNP Paribas on Friday reported a better-than-expected first-quarter profit, helped by lower provisions for pandemic-related bad loans and a rebound in its equity trading business that the bank aims to expand.
The euro zone’s biggest listed lender said net profit rose 37.9% to 1.77 billion euros ($2.14 billion) from a year earlier, beating a mean forecast for 1.20 billion in a poll of analysts compiled by Refinitiv.
Revenue was up 8.6% at 11.83 billion euros, above the 11.2 billion expected by analysts.
In its corporate and investment banking activities, revenue rose by 24.3%, spurred by a 41.4% jump in its markets business.
BNP Paribas said a rebound in equity trading offset a 15.7% drop in fixed income, currencies and commodities trading.
“Primary, credit and commodity derivatives activities performed very well but the context was less favourable than in the first quarter of 2020 for rates and forex activities,” the bank said in a statement.
It reported no impact from the implosion of...read more...