BNP Paribas beats expectations in Q1 as equity trading rebounds

France's BNP Paribas on Friday reported a better than expected first-quarter profit, helped by lower provisions for pandemic-related bad loans and a rebound in its equity trading business. In its corporate and investment banking activities, revenue rose by 24.3%, spurred by its markets business where revenue was 41.4% higher than a year ago. BNP Paribas said a rebound in equity trading offset a 15.7% drop in fixed income, currencies and commodities trading.

France's BNP Paribas on Friday reported a better than expected first-quarter profit, helped by lower provisions for pandemic-related bad loans and a rebound in its equity trading business. The eurozone's biggest listed lender said net profit was up 37.9% in the quarter at 1.77 billion euros, beating a mean forecast for 1.20 billion from a poll of analysts compiled by Refinitiv.

Revenue was up 8.6% in first quarter at 11.83 billion euros, above the 11.2 billion expected by analysts. In its corporate and investment banking activities, revenue rose by 24.3%, spurred by its markets business where revenue was 41.4% higher than a year ago.

BNP Paribas said a rebound in equity trading offset a 15.7% drop in fixed income, currencies and commodities trading.