LONDON (ShareCast) - (Sharecast News) - BHP Paribas hailed more favourable market conditions on Thursday after first-quarter profits at the French bank beat expectations.
Net income attributable to equity holders was €1.92bn, up 22.4% on the first quarter a year earlier and comfortably above the €1.71bn most analysts had pencilled in. Revenues in the three months to 31 March rose 3.2% to €11.14bn, or by 3.9% at constant exchange rates, also above forecasts.

BNP said revenue growth had been driven primarily by stronger performances at its corporate and institutional banking arm and by international finance services. IFS had enjoyed "good business development" during the quarter, it noted, while there had been "a gradual upturn in customer activity" at CIB.

France's largest listed bank added: "Economic growth slowed down in Europe but remained positive. After the crisis in the markets at the end of 2018, the market context remained lacklustre at the beginning of the quarter but improved towards the end of the period."

Like most banks struggling to make returns in a low interest rate environment, BNP has increasingly focused on corporate and investment banking. These segments remain vulnerable, however, to turbulence on global markets, such as that seen during the second half of 2018.

As at 1215 BST, shares in Paris-listed BNP were ahead 3% at €48.76.

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