PARIS, April 25 (Reuters) – BNP Paribas (BNPP.PA), opens new tab beat first-quarter profit forecasts on Thursday as lower costs and a robust performance in global banking helped to offset a steep fall in its fixed income trading.
The euro zone’s biggest bank, led by company veteran Jean-Laurent Bonnafe, has made its investment banking division a key driver of its growth plan and sees annual revenues from market activities rising by more than 7.5% on average over 2021-2025.
The French lender reported a 20% fall in revenue from fixed income, currencies and commodities (FICC) trading, significantly underperforming rivals on Wall Street, where trading revenue declined by about 3% on average amid less volatile markets.
In contrast, Deutsche Bank (DBKGn.DE), opens new tab, which also reported quarterly results on Thursday, produced a 7% increase in fixed income and currencies trading revenue.
Source: REUTER
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