BNP Paribas first-quarter net profit beats forecasts thanks to market upturn

PARIS - BNP Paribas’ first quarter net profit rose from last year and beat expectations, with earnings at France’s largest listed bank buoyed by a recovery at its corporate and finance arm thanks to a more favorable market environment.

Overall revenues rose 3.2 percent to 11.14 billion euros, above analysts’ forecasts for revenues of 10.65 billion. After plunging to 650 million euros in the fourth quarter 2018, the bank’s revenue from its corporate and investment banking arm, which includes global markets activities, rose to 1.52 billion euros in the first quarter of this year.

BNP Paribas also booked an 838 million euro capital gain on the sale of a stake in Indian insurer SBI Life.

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