BNP Paribas’ first quarter profit increase powered by trading rebound
PARIS – BNP Paribas reported a 4.4 percent rise in quarterly profit, boosted by strong fixed income and equities trading, which helped offset weak retail banking where revenues fell.
France’s biggest bank said on Wednesday that net income rose to 1.89 billion euros (1.63 billion pounds) in the first quarter from 1.81 billion euros a year earlier. This beat the average of four analyst estimates of 1.6 billion euros in a Reuters poll.
The results came after French banks enjoyed a stock market rally following the first round of the French presidential election that bolstered investors’ projections that Emmanuel Macron, seen as a business-friendly candidate, would eventually win. -Reuters