PARIS: Profit at BNP Paribas fell by 33.1 per cent in the first quarter as the coronavirus crisis hit equity trading and prompted the eurozone's biggest bank to set aside more than half a billion euros in loan provisions.
Equity trading revenue was wiped out and stood at minus 87 million euros versus 488 million euros in first-quarter revenue a year ago. Despite the blow to these"exotic" financial products, which are often used by investors to hedge their equity exposures, stronger results in fixed income trading and corporate banking at BNP kept its investment bank in profit.
Its net income fell to 1.28 billion euros in the quarter, while revenue fell 2.3 per cent to 10.9 billion euros.
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