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...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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