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BNP Paribas profit rises
BNP Paribas, France’s No. 1 listed bank, posted a rise in first-quarter profits on the back of its windfall from the sale of shares in Klepierre, even as a slowing European economy and one-off costs hit operations.
BNP reported net income of 2.87bn euros (£2.3bn), up 9.6 per cent from a year-ago figure of 2.62bn.
Group revenue, however, fell by a higher-than-expected 15.4 per cent to 9.89bn euros, hit by accounting charges on BNP’s own debt and losses from the sale of sovereign bonds as it reeled back its exposure to the euro zone’s troubled periphery.
BNP’s core Tier 1 capital ratio, a key measure of banks’ ability to withstand losses, rose to 10.4 percent from 9.6 percent.