BNP Paribas' quarterly profit falls on back of trading weakness in Europe

[PARIS] BNP Paribas, France's biggest bank, reported a 17 per cent decline in quarterly net profit, in line with expectations, weighed down by weakness in fixed income trading revenues in Europe.

First-quarter net income fell to 1.57 billion euros (S$2.5 billion), in line with analysts' estimates of 1.55 billion euros, according to a Reuters poll of 5 analysts.

Revenues fell 4.4 per cent to 10.8 billion euros, compared to 11.04 billion expected by analysts. Revenues at its corporate and institutional bank were also down 9.8 per cent.

"Even if the market context was lacklustre in Europe compared to the first quarter of 2017, the results are in line with the trajectory of the 2020 plan and the achievement of its targets," BNP Paribas' chief executive Jean-Laurent Bonnafe said in a statement.

REUTERS