France’s BNP Paribas doubles profits in first quarter with Bank of the West sale
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- 05 May 2023
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BNP Paribas, the euro zone’s biggest bank, saw profit more than double in the first quarter from a year ago, bolstered by the sale of its U.S. retail division while revenue beat estimates.
This allowed the French bank to beef up its capital and liquidity buffers, at a time when European lenders strive to restore confidence in a sector battered by turmoil.
Revenue of just over 12 billion euros ($13.20 billion) in the period exceeded the company’s compiled consensus of 11.7 billion as net interest income ticked higher in the usually difficult French retail market, the bank said on Wednesday.
In securities trading, revenue edged down 1.8% but still performed better than some peers including Deutsche Bank, which saw fixed-income trading decline by 17% in the first quarter. Read More…
