By Pierre Bertrand
PARIS (Dow Jones)–BNP Paribas boosted first-quarter profit on growth across its businesses and the sale of Bank of the West. Net profit climbed to 4.43 from 1.84 billion euros in the previous year, as announced by the major French bank. Revenue increased slightly by 1.4 percent to 12.03 billion euros. The result also reflects the profit from the sale of the private and corporate customer business in the USA, which was completed in February, explained BNP Paribas. The previous year’s figures have been adjusted for changes in accounting standards, including IFRS 17.
Adjusted for special effects, the bank achieved a net profit of 2.845 billion euros after taxes in the first three months of 2023. In the Corporate and Institutional Banking division, revenues grew 4 percent to 4.87 billion euros compared to the same quarter last year, due to higher revenues in Global Banking.
Deposits increased by 1.3 percent compared to the end of 2022 to 216 billion euros. The private banking unit alone recorded net inflows of almost 4.4 billion euros. The Paris-based money house reiterated its 2023 targets announced in February.
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(END) Dow Jones Newswires
May 03, 2023 01:18 ET (05:18 GMT)
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