BNP Paribas 1Q 2019: Solid Beat With Investment Banking Revenue Defying Dire Expectations
No-moat BNP Paribas reported attributable net income of EUR 1.9 billion for the first quarter of 2019, 22% higher than the EUR 1.6 billion it reported for the first quarter of 2018. Consensus expectations were for attributable net income of EUR 1.8 billion. The results are somewhat distorted by nonrecurring items; profit before tax, excluding nonrecurring items, came out at EUR 1.9 billion, unchanged compared with the prior year but 14% ahead of consensus. Most striking to us was the good revenu...
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