BNP Paribas shoots its profit until March to 4,435 million due to atypical

MADRID, 3 May. (EUROPA PRESS) -

The French bank BNP Paribas obtained an attributable net profit of 4,435 million euros in the first quarter of 2023, which represents more than double the result recorded by the entity a year earlier, mainly as a result of the extraordinary positive impact of the sale of its US subsidiary Bank of the West.

The largest bank in the euro area highlighted the impact on its accounts of the capital gain from the sale of Bank of the West (2,947 million euros), while it recorded a negative impact of more than 400 million in relation to the adjustment in hedges for changes to the terms and conditions of the ECB TLTRO auctions.

The net turnover of BNP Paribas between January and March increased by 1.4% annually, up to 12,032 million euros, while the cost of risk assumed by the French entity was 642 million euros, 1.4% less.

As of March 31, 2023, the CET1 common capital ratio stood at 13.6% and the liquidity coverage ratio reached 139%, compared to 129% as of December 31, 2022. Likewise, the liquidity reserve available immediately amounted to 466,000 million euros, equivalent to more than a year of room for maneuver compared to market resources.

"Based on its model, diversified in terms of business lines, geographic regions and customer franchises, BNP Paribas achieved a very good performance in the first quarter of 2023," said the bank's CEO Jean-Laurent Bonnafé.