By Elena Vardon


BNP Paribas backed its guidance for 2024 as it reported better-than-expected first-quarter earnings with strong results across its divisions that offset some weakness in its capital markets investment and financing unit.

The French lender--which is the largest in the eurozone by market capitalization--said that its net profit for the three months ended March 31 slipped 2.2% on-year to 3.10 billion euros ($3.32 billion). Analysts estimates taken from a consensus compiled by Visible Alpha had the figure at EUR2.20 billion.

The bank's revenue was roughly flat on-year at EUR12.48 billion, beating expectations of EUR12.24 billion, with solid performance in each operating division offsetting a high base effect at Global Markets, which is part of its corporate and institutional banking division, it said.

The Paris-based bank confirmed its guidance for 2024. It expects revenue for the year to be 2% higher than 2023's distributable revenues of EUR46.9 billion with a net income above 2023's EUR11.2 billion in distributable income.

"BNP Paribas is well positioned for the new phase of the economic cycle," Chief Executive Jean-Laurent Bonnafe said.


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


(END) Dow Jones Newswires

04-25-24 0120ET