Paris: French bank BNP Paribas on Friday reported a drop in net profits for the first quarter, blaming a “lacklustre market context” and the effects of an unfavourable exchange rate.
France’s biggest bank said in a statement that net profit was down to 1.6 billion euros ($1.9 billion) from 1.9 billion euros this time last year — a 17 per cent drop.
Nonetheless, it performed slightly better than analysts had predicted.
“BNP Paribas delivered solid results this quarter,” the statement said.
“There was good business development in the context of economic recovery in Europe but results recorded an unfavourable exchange rate effect as well as the impact of a lacklustre market context compared to the first quarter of last year,” it added.
Bank revenues stood at 10.8 million euros, down 4.4 per cent year-on-year, the statement said. Operating income plunged 25.6 per cent to 1.9 million euros. — AFP
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