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Domestic markets dominated the group’s operations in Q1, however, international financial services were in demand as well. The Q1 revenue of BNP Paribas was 8.6% up from the last year, at 11.83 billion euros.
Paris-based international banking group BNP Paribas (Euronext Paris: BNPP) has released its results for Q1 2021 that ended on March 31. The European leading bank has outperformed expectations of analysts, reporting a huge revenue growth as well as showing the recovery of its equity trading business.
BNP Paribas Q1 Report: Highlights
The Board of Directors of BNP Paribas held a meeting on 29 April 2021. There, the banks’ Q1 results were discussed.
It turned out that the company’s net profit increased by 37.9% to 1.77 billion euros ($2.14 billion) from last year. Meanwhile, Refinitiv analysts predicted this figure to make up 1.20 billion euros. Further, BNP Paribas reported a 24.3% surge in its corporate and investment banking activities revenue rose by 24.3%. Besides, its market business revenue saw an increase of 41.4% from a year ago. The total revenue was 8.6% up from the last year, at 11.83 billion euros, it has surpassed the 11.2 billion expected.
Above all, BNP Paribas said it saw a rebound in equity trading that compensated a 15.7% drop in fixed income, currencies, and commodities trading.
Speaking of the group’s operating expenses, they totaled 8,597 million euros, which is up by 5.4% in comparison with the first quarter 2020.
Domestic markets dominated the group’s operations in Q1, however, international financial services were in demand as well. Notably, BNP Paribas highlighted the strengthening of its digitalization.
About the Bank’s Performance
BNP Paribas is the European leading bank with operations in 68 countries. Its geography expands to Europe, the Americas, Middle East, Asia Pacific, and Africa. The Group serves nearly 33 million clients worldwide in its retail banking networks, and BNP Paribas Personal Finance has more than 27 million active customers. Its market cap is 66.75 billion euros.
“BNP Paribas continues to mobilize all its resources and expertise to support individual, corporate and institutional clients and to contribute to the success of a solid and sustainable recovery. While strengthening its environmental and social commitments and continuing its digital and industrial transformation, the Group relies on its diversified and integrated business model, robust financial structure, and the powerful execution capacity of its platforms to deliver solid results. I would like to thank all BNP Paribas teams around the world who, after long months of a health crisis, are constantly working with their clients to help them adapt, put in place the right solutions and accompany the recovery of their activities,” stated BNP Paribas CEO Jean-Laurent Bonnafé commenting on the Q1 results.
Currently, the group is focused on further expansion and strengthening its positions in existing markets.