French bank BNP Paribas on Tuesday posted a 19.2% rise in net income in the first quarter, helped by a sharp increase in trading activities and said it kept 2025 targets amid the Russia-Ukraine conflict and a worsening economic growth outlook.
France’s biggest listed lender said in a statement net profit reached 2.11 billion euros ($2.22 billion) in the quarter from 1.77 billion a year ago, with revenue up by 11.7% and charges for bad loans down by 49.1%.
Revenue in fixed-income, currency and commodities trading rose by 47.9%, while equity trading revenue soared 60.9%.
People walk past BNP Paribas, a french international banking group.
ANGELA WEISS | AFP | Getty Images
BNP Paribas also confirmed all its financial targets set for 2025.
The lender had said in February it would return 60% of net income to investors through 2025 compared to 50% previously and targeted a return on tangible equity — a key measure of profitability — of more than 11% in four years’ time, from 10% last year.
Shares in BNP Paribas have lost nearly 20% so far since the beginning of the year after a 41% gain in 2021.