BNP Paribas's First-Quarter Earnings Rose, Helped by Bank of the West Sale

By Pierre Bertrand

BNP Paribas said Wednesday that first-quarter revenue and earnings rose, helped by growth in all divisions and by the sale of Bank of the West.

The French lender said its net profit climbed to 4.43 billion euros ($4.87 billion), compared with EUR1.84 billion in the first quarter of 2022, on revenue that grew 1.4% to EUR12.03 billion.

BNP said the result partially reflects the gains from the sale of its retail-and-commercial banking activities in the U.S., which closed in February.

BNP also restated its quarterly financial results for 2022 to reflect changes to accounting standards, including IFRS 17.

Excluding exceptional items, the bank reported EUR2.845 billion in aftertax net profit for the first three months of 2023.

The bank's corporate and institutional banking division saw revenue grow by 4% to EUR4.87 billion compared with the first quarter of 2022, driven by an increase in global banking revenue. Deposits expanded 1.3% compared with the end of 2022 to EUR216 billion.

Its commercial, personal banking and services business saw deposits rise by 1.2% compared with the previous-year period, and the private banking unit saw net asset inflows of almost EUR4.4 billion.

The Paris-based bank reiterated its 2025 objectives as stated in February and confirmed its 2023 targets.

Write to Pierre Bertrand at [e-mail]

(END) Dow Jones Newswires

May 03, 2023 01:13 ET (05:13 GMT)

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