France's BNP Paribas Posts Higher Profit on Retail Growth, Asset Management Integration

Dow Jones04-30

By Elena Vardon

BNP Paribas posted a higher profit for the first quarter of the year, driven by the integration of a recent asset-management acquisition and growth at its retail and consumer division.

The French lender on Thursday posted a 9.0% rise in net profit for the three months ended March 31 to 3.22 billion euros ($3.77 billion), surpassing the 2.93 billion-euro estimate taken from a company-compiled consensus.

Revenue also beat expectations, coming in at 14.06 billion euros against the consensus forecast of 13.82 billion euros. The top line was 8.5% ahead of the same quarter last year, with income in the insurance and asset-management arm rising by almost one-third on the integration of AXA Investment Managers--which it acquired last year--and growth in fee-generating products.

The bank saw strong momentum in its retail arm and reported a stable performance at its corporate and institutional bank division. A wait-and-see approach from clients amid a challenging geopolitical environment led to a softer performance in its global banking division, while global markets and securities services improved slightly compared with the year prior, the bank said.

Operating expenses rose 5.5% from a year earlier to 8.71 billion euros, in part due to restructuring charges related to the the AXA IM integration, BNP Paribas added.

"The group has delivered a record first quarter, driven by very good momentum in our operating divisions and implementation of our strategic plans," Chief Executive Jean-Laurent Bonnafe said, confirming the bank's outlook through 2028.

Earlier this year, BNP Paribas upgraded its midterm targets as it banks on cost-cutting and profit-boosting initiatives already underway to drive growth.

Its common equity tier 1 ratio--a key measure of balance sheet strength--stood at 12.8% at the end of the quarter, up 20 basis points compared with three months prior.

Write to Elena Vardon at elena.vardon@wsj.com

(END) Dow Jones Newswires

April 30, 2026 00:07 ET (04:07 GMT)

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France's BNP Paribas Posts Higher Profit on Retail Growth, Asset Management Integration

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