The first quarter of BNP Paribas closes with a Useful up 10,1% to 1,814 billion euro. The French bank's profit largely exceeded the estimates of analysts, who had forecast a net result of 1,352 billion. Net of the extraordinary components, the profit still marks an increase of 4%.
The sharp reduction in provisions weighs on the net result of BNP, especially in retail activities in Europe: provisions are almost halved to 757 million from 1,044 billion in the first quarter of 2015. Revenues, however, are down: -2% to 10,844 billion. The Cet 11 capital ratio rose to 10,9% from 2015% at the end of 1.
The markets reacted very positively to the group's quarterly report: mid-morning on title of Bnp Paribas recorded a rise of 1,89% on the Parisian market.
