PARIS, May 2 — French bank BNP Paribas today reported a surge in profits in the first three months of 2019, boosted by the sale of a chunk of its life insurance company in India.
France’s biggest bank saw net profits jump 22 per cent to €1.91 billion (RM8.86 billion) between January and March compared to the previous year, it said in an earnings statement.
The result, which was slightly below the €2 billion predicted by analysts interviewed by data company Factset, was bolstered by the sale of 14.3 per cent of SBI Life in India for €838 million.
Excluding such exceptional items, the net profit was actually down by 0.2 per cent.
Revenue meanwhile grew 3.2 per cent in the first quarter to €11.14 billion.
Chief executive Jean-Laurent Bonnafe said the bank had “delivered a good level of result this quarter”.
In particular he highlighted “an upturn in client business at CIB,” the bank’s corporate outfit.
Revenues at the Corporate and Institutional Bank, which had struggled late last year, climbed 3.5 per cent to €3 billion.
The bank’s share price rose one per cent after the opening of the Paris stock market, which was down 0.5 per cent. — AFP
