France’s BNP Paribas posts 19.2% rise in quarterly net profit

BNP Paribas brand and inventory graph are seen on this illustration taken, Might 1, 2022. REUTERS/Dado Ruvic/Illustration

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PARIS, Might 3 (Reuters) – French financial institution BNP Paribas (BNPP.PA) on Tuesday posted a 19.2% rise in internet earnings within the first quarter, helped by a pointy enhance in buying and selling actions and mentioned it stored 2025 targets amid the Russia-Ukraine battle and a worsening financial development outlook.

France’s largest listed lender mentioned in an announcement internet revenue reached 2.11 billion euros ($2.22 billion) within the quarter from 1.77 billion a 12 months in the past, with income up by 11.7% and fees for unhealthy loans down by 49.1%.

Income in fixed-income, forex and commodities buying and selling rose by 47.9%, whereas fairness buying and selling income soared 60.9%.

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BNP Paribas additionally confirmed all its monetary targets set for 2025.

The lender had mentioned in February it could return 60% of internet earnings to traders by way of 2025 in comparison with 50% beforehand and focused a return on tangible fairness — a key measure of profitability — of greater than 11% in 4 years’ time, from 10% final 12 months.

Shares in BNP Paribas have misplaced almost 20% thus far because the starting of the 12 months after a 41% achieve in 2021.

($1 = 0.9520 euros)

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Reporting by Matthieu Protard; Modifying by Jacqueline Wong and Uttaresh.V

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