By Pietro Lombardi 
 

BNP Paribas SA (BNP.FR) reported on Friday a decline in first-quarter revenue and earnings. "Results recorded an unfavorable exchange rate effect as well as the impact of a lackluster market context compared to the first quarter of last year," it said. Here's what you need to know:

 

PROFIT: France's largest listed bank by assets said its first-quarter net profit fell 17% to 1.57 billion euros ($1.88 billion). Analysts expected BNP to report a net profit of EUR1.45 billion for the quarter, according to a consensus forecast provided by FactSet.

 

REVENUE: BNP first-quarter revenue, at EUR10.80 billion, missed expectations of EUR11.04 billion, according to FactSet.

 

WHAT WE WATCHED

 

CORPORATE AND INSTITUTIONAL BANKING: "CIB operated this quarter in a lackluster market environment in Europe compared to the first quarter 2017," the bank said. Revenue declined 9.8%. It was a difficult quarter for the bank's corporate and institutional banking business, UBS said.

 

OTHER DIVISIONS: The bank's international financial-services business reported a 3.9% increase in revenue, while revenue at BNP's domestic-markets division rose 0.3%.

"Mixed quality of results as expected, however, the corporate-loan growth acceleration gives some reassurance of future earnings," said Jefferies.

 

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

 

(END) Dow Jones Newswires

May 04, 2018 08:07 ET (12:07 GMT)

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