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...
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