LONDON (ShareCast) - (Sharecast News) - French banking giant BNP Paribas delivered an increase in profits in its first quarter on stable revenues, as it reiterated its guidance for the full year.
The largest bank in the eurozone reported that pre-tax income increased by 7.4% year-on-year to €4.36bn, helped by lower provisions and expenses.

Net income fell 2.2% to €3.10bn, but came in well ahead of the €2.20bn consensus forecast according to Visible Alpha data.

Group revenues were more or less flat at €12.48bn, surpassing the €12.24bn consensus estimate, as a decent performance in the Commercial, Personal Banking & Services and Investment & Protection Services divisions offset weakness in Corporate & Institutional Banking, where revenues declined 4%, as Global Markets revenues dropped 11.9% "due to the base effect arising from activity on the rates, currencies, and commodities market", the company said.

"On the strength of its diversified and integrated model, the group achieved good performances in the first quarter 2024, thanks to business momentum in the operating divisions," said chief executive Jean-Laurent Bonnafé.

"BNP Paribas continues to demonstrate its ability to generate value and confirms its 2024 trajectory," Bonnafé said, pointing to revenues up 2% on €46.9bn in 2023, and a net income higher than the prior year's €11.2bn.

"We continue to focus on expanding our market shares, supporting our clients, and rolling out our strategic initiatives. BNP Paribas is well positioned for the new phase of the economic cycle."

The lender finished the period with a common equity tier-1 ratio of 13.3%, down 10 basis points on the same point last year.

The stock was up 0.8% at €68.29 by 1537 in Paris.

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