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BNP Paribas: Q1 earnings top market estimates

April 30, 2014

France’s largest bank BNP Paribas (Buy*) reported a 5.2% increase in net income to EUR 1.67bn, exceeding the EUR 1.44bn average estimate of analysts surveyed by Bloomberg. Earnings were boosted by a EUR 156m drop in payments to minority shareholders after BNP Paribas bought out Belgium’s 25% stake in its Fortis. BNP follows competitors reporting a 24% decline in pretax profit at the investment banking to EUR 623m from a year earlier, missing the EUR 681m analysts’ consensus. We confirm our rating.

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