BNP Paribas increased quarterly earnings by 1.1%


The bank of France, the largest in terms of assets, increased its profits in October-December by 1.1% to 1,442 billion euros from 1,426 billion euros in 2017. Over the same period, the bank's revenue fell by 3.5% to 10.16 billion euros, BNP Paribas reports in a press release. The management of the bank updated the targets until 2020. The revenue forecast now stands at 1.5% against 2.5%, the profitability forecast was reduced to 9.5% from 10%. At the same time, economists have increased the planned spending cuts to 3.3 billion euros from 2.7 billion euros. The bank increased its operating expenses from 7.62 billion euros to 7.68 billion euros. The Corporate & Institutional Banking (CIB) division of the bank reduced revenue by 9.4%, and the international division - by 3.1%. Operating profit fell 15% to 1.37 billion euros. At the end of 2018, BNP Paribas reduced its net profit by 3% to 7.526 billion euros, revenue - by 1.5%, and operating profit - by 11%.

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