BNP Paribas 1Q profit rallied 56%

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Thursday May 12, 06:47

BNP Paribas 1Q profit rallied 56%

(by Mark Riley)

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BNP Paribas reported today that its first-quarter profit rallied 56%.

Profit rocketed to 1.72 billion euros ($2.2 billion) from 1.10 billion euros last year. Analysts were expecting 1.24 billion euros. Revenue rose 19% to 5.6 billion euros.

Return on equity rose to 23.8% from 16.8% in the year-earlier period.

The bank also announced a 600 million euro buyback of its stock this year.

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