BNP Paribas reported a 19% YoY jump in net income to €2.1bn. Total revenues were at €13.2bn, up 12% YoY. Its results were benefitted by a surge in its equities and fixed income trading revenues. Equity trading revenues jumped 61% to €1.1bn and FICC revenues were at €1.7bn, up 48% YoY. Global Banking revenues rose by 2% to €1.3bn. Besides, BNP added that its cost of risk was at a “very low level” of €456mn (down 49% YoY), or 20bp of customer loans, thanks to a significant impact this quarter from releases of provisions at BancWest. Regarding exposure to the Russia-Ukraine crisis, a source said that its overall gross exposure to Russia, which was originally at €1.3bn, has been cut down. BNP booked a €159mn impairment on its majority stake in its Ukrainian bank Ukrsibbank. The bank’s CET1 ratio stood at 12.4%, down 50bp QoQ.
BNP’s dollar bonds were trading weaker with its 7.375% Perp down 0.4 points to 103.69, yielding 6.11%.
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