French banking giant BNP Paribas has reported a net income attributable to equity holders of €1.42bn for the fourth quarter of 2017, a decline of 1% compared to €1.44bn in the year ago period.
For the quarter ended 31 December 2017, the group’s revenues were €10.53bn, down 1% compared to €10.65bn in the fourth quarter of 2016.
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The group’s operating income declined 15% year-on-year to €1.93bn. At €7.62bn operating expenses rose by 2.4% compared to €7.44bn in the fourth quarter of 2016.
As at 31 December 2017, the group’s fully loaded Basel 3 common equity Tier 1 ratio was 11.8%, the banking group said in its earnings statement.
The retail banking arm of BNP Paribas reported pre-tax income of €2.27bn for the fourth quarter of 2017, a dip of 22% compared to €1.87bn in the year ago period.
The unit’s quarterly revenues increased to €7.89bn from €7.76bn in the fourth quarter of 2016.
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By GlobalDataBNP Paribas CEO Jean-Laurent Bonnafe said: “With €7.8bn in net income, BNP Paribas delivered a good performance in 2017, thanks to its integrated and diversified model in service of clients. There was sustained development in the business activities of the operating divisions supported by a stronger economic growth in Europe, costs are under control and the cost of risk is significantly lower.”
