Newspaper article International New York Times

BNP Paribas Surprises as It Shows a Gain

Newspaper article International New York Times

BNP Paribas Surprises as It Shows a Gain

Article excerpt

The lender said net income came in at 1.8 billion euros for the first three months of the year. The market consensus had been for a decline in profit.

BNP Paribas, the largest French bank, said on Tuesday that its profit rose in the first three months of the year, even as revenue fell in "a particularly unfavorable environment."

The lender, based in Paris, said net income came in at 1.8 billion euros, or $2.1 billion, up 10 percent compared with the same period a year earlier. The results were bolstered by a 28 percent reduction in the funds it set aside for loan losses. Without those one-time adjustments, it said, net income would have been just 4 percent higher, at EUR 1.6 billion. Revenue fell 2 percent from a year earlier, to EUR 10.8 billion.

Ultralow interest rates in Europe -- led by the European Central Bank's negative rates policy, weakness in stock markets and unease in the bond market -- hurt performance, the bank said. …

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