French bank BNP Paribas announces a double-digit fall in net income

0
70

BNP Paribas reported a 17 percent fall in net income during the first quarter of the year, highlighting “lackluster” trading activity in Europe.

Here are some of the highlights:

  • Revenues: 10 billion euros ($11.98 billion) in the first quarter of 2018, compared to 11 billion euros in the first quarter of 2017.
  • Operating income: 1.923 billion euros ($2.3 billion) in the first quarter of 2018, versus 2.586 billion euros in the first quarter of 2017.

The French bank announced profits of 1.57 billion euros ($1.88 billion) for the first quarter on Friday. This was down from 1.89 billion euros a year ago but was in line with analyst estimates of 1.55 billion euros, according to a Reuters poll.

The French lender said that the surge in the euro and poor market conditions contributed to the fall in the numbers.

“We saw good business activity, if you look for example at the loans, they are up 3 percent,” Lars Machenil, chief financial officer of BNP Paribas, told CNBC’s Joumanna Bercetche.

However, he added, that the market “was a bit lackluster in the first quarter of 2018.” He noticed a clear growth in the bank’s home market, but added that in Europe “we are still in this low interest rate environment and this is still, in this quarter, weighing a bit on the overall evolution.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here