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News > International
BNP Paribas 1Q rises 22%
May 10, 2000: 3:50 a.m. ET

France's largest bank advances on strong capital markets, private banking
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LONDON (CNNfn) - BNP Paribas, France's largest bank, posted a 22 percent rise in first-quarter earnings Wednesday, buoyed by strong performances from its capital markets and private banking businesses.

The company, formed last year following BNP's victory in a bitter takeover battle to acquire investment bank Paribas, posted net earnings of 1.35 billion ($1.23 billion), though it didn't disclose a comparable pro forma figure for the first quarter of 1999.

The Paribas operation contributed a 53.9 percent rise in pretax earnings in the quarter, reflecting a continuing boom in the euro-zone's capital markets, driven by merger and acquisition activity.

BNP's push into private banking and asset management also reaped dividends, delivering a 68 percent advance in first-quarter pretax profit, while its domestic consumer-banking arm posted a 42 percent profit increase.

graphic"The first quarter of 2000 benefited from a combination of favorable factors, in particular the strength of the European economy and the exceptional performance of financial markets all over the world," said the bank in a statement.

Net interest income climbed 19.7 percent to 4.24 billion, while risk provisions dropped 20.7 percent.

BNP (PBNP) shares rose fractionally to 89.25 in early Paris trade. Back to top

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