Strong equity trading lifts BNP Paribas profit to 1.8b euros

Business | 30 Apr 2021 1:31 pm

BNP Paribas reported on Friday first-quarter net income of 1.8 billion euros (US$2.18 billion) — an 11 percent increase from the previous quarter, Silvia Amqro of CNBC reports.

Analysts had forecast a net income of 1.2 billion euros for the quarter, according to Refinitiv.

The French bank reported strong results from its investment banking division and said: “activity grew robustly in all business lines.”

The figures were supported by a bounce back in equity trading over the quarter in particular.

“Financing businesses reported a good start to the year, in both equity issuance and debt (syndicated loans and bonds),” a press release from the bank Friday said.

“Activity remained strong in rates, forex and credit markets, with a very good level in equity derivatives and prime services.”

BNP is looking at setting up a securities company in China and has asked regulators for permission to go ahead. The idea is to grow the firm’s brokerage services in China, according to Reuters.

Shares of BNP Paribas are up by about 23 percent year-to-date.

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