Growth remains slow in France, but strong inflows point to a turnaround in asset management.
Narrow-moat BNP Paribas reported pretax earnings of EUR 11.3 billion for 2017, just shy of consensus expectations of EUR 11.5 billion, and flat compared with 2016. We retain our EUR 67.50 fair value estimate and our narrow moat rating.Restructuring costs booked at the center increased by 70%, which depressed consolidated results; however, the operating businesses saw pretax earnings grow by 13%, as excellent cost control and lower credit charges negated anaemic top-line growth. We are sceptical...
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