bnp paribas profit rises 10 in first quarter
Last Updated : GMT 12:11:00
Arab Today, arab today
Arab Today, arab today

BNP Paribas profit rises 10% in first quarter

Arab Today, arab today

Arab Today, arab today BNP Paribas profit rises 10% in first quarter

Paris - Arabstoday

BNP Paribas, the biggest French bank, reported on Friday that its first-quarter net income rose nearly 10 percent, helped by the sale of a real estate business, and said it was on track to reach its capital strength targets. The bank, based in Paris, posted net income of 2.9 billion euros, or $3.8 billion, up 9.6 percent from the same period a year earlier. That was better than the average estimate of anlaysts surveyed by Reuters, who had expected a profit of around 2.3 billion euros. BNP Paribas’ revenue in the first three months of the year totaled 9.9 billion euros, down 15.4 percent from a year earlier. The bank said revenue was hurt by an 843 million euro charge on a revaluation of its own debt, a 142 million euro loss on the sale of sovereign bonds and a 74 million euro loss on the sale of loans. Without those charges, the firm’s revenue would have declined by only 6.3 percent compared with the first quarter of 2011, according to a company statement. First-quarter net income was bolstered by one-time items, including 1.5 billion euros from the sale of a 29 percent stake in Klépierre, a publicly traded French real estate investment trust that owns about 270 shopping centers in 13 European countries. The stake was sold in March to Simon Property Group. Without the exceptional gains, first-quarter income would have fallen 22 percent to 2.0 billion, the bank said. That is in line with the performance of Société Générale, BNP Paribas’s smaller local rival, which reported a 20 percent decline in first-quarter net income Thursday, to 732 million euros, on revenue that fell 4.7 percent to 6.3 billion euros. Under its “adaptation plan,” BNP Paribas is working to raise its common equity Tier 1 ratio, a measure of financial strength, by one percentage point to reach 9 percent this year under rules known as Basel III. The bank said its common equity Tier 1 ratio under the Basel 2.5 rules rose four-fifths of a percentage point in the latest quarter from the end of 2011, to 10.4 percent, thus attaining 80 percent of its Basel III solvency goal under the adaptation plan, it said. The firm’s chief executive, Jean-Laurent Bonnafé, said in a statement that the results reflected a “good operating performance with growing business activity” in the domestic markets and capital markets businesses. The adaptation plan, he added, “is now largely completed.” “Solvency is strengthened, the size of the balance sheet has been reduced and the target of a Basel III fully loaded 9 percent solvency ratio by Jan. 1, 2013 will make BNP Paribas one of the most strongly capitalized of the leading global banking services groups,” he added. In early morning trading in Paris, BNP Paribas’ shares fell 1.3 percent. Stock in the French bank has fallen 44 percent over the past year. Pretax profit at the corporate and investment bank fell 31 percent from a year earlier, to 1.2 billion euros, weighed down by the sale of loans that brought a sharp decline in corporate banking income. But if the effects of the adaptation plan were excluded, the bank said, profit in the division fell about 23 percent, “reflecting good performance despite the impact of deleveraging, which illustrates the diversity and the quality” of the corporate and investment bank.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

bnp paribas profit rises 10 in first quarter bnp paribas profit rises 10 in first quarter

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

bnp paribas profit rises 10 in first quarter bnp paribas profit rises 10 in first quarter

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Prince's vision spurs new Cornwall village

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Israel ready to cooperate with Saudi

GMT 06:31 2017 Friday ,17 November

Israel ready to cooperate with Saudi
Arab Today, arab today Airbnb raided by Japan

GMT 01:55 2017 Saturday ,18 November

Airbnb raided by Japan
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Hanan Metawe denies apology for “Major Treason”

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 06:13 2017 Friday ,17 November

Pope denounces healthcare inequality

GMT 05:18 2017 Thursday ,16 November

Boeing announces $27bn from flydubai

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday