BNP Paribas 1Q 2018 Results Depressed by Weak Trading Result
Narrow-moat BNP Paribas reported attributable net income of EUR 1.6 billion for the first quarter of 2018, 17% lower than in first-quarter 2017. A 4% drop in revenue and a 2% increase in costs led to preprovision profits declining by 20% year on year. While currency translation did have a negative bearing on the results, the disappointing earnings mainly stemmed from a very weak quarter in the investment bank. As we are reconsidering our fair value estimate and moat rating for BNP Paribas, we ar...BNP Paribas is engaged in the provision of banking and financial services. Co.'s business activities are divided into two segments: Retail Banking & Services and Corporate and Investment Banking. The Retail Banking and Services business includes domestic markets and international financial services. The Corporate and Institutional Banking comprises of corporate banking, global markets, and securities services. Other activities include principal investments, which related to Co.'s central treasury function, some costs related to crossbusiness projects, the residential mortgage lending business of personal finance, and certain investments.
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