Net income down 2.2 in Q1, revenue 0.4 lower yy
FICC trading sales down 20; corporate banking up 6
Sees 2024 net income of more than 11.2 bln euros

PARIS, April 25 Reuters BNP Paribas beat firstquarter profit forecasts on Thursday as lower costs and a robust performance in global banking helped to offset a steep fall in its fixed income trading.

The euro zone39;s biggest bank, led by company veteran JeanLaurent Bonnafe, has made its investment banking division a key driver of its growth plan and sees markets activities expand annually by more than 7.5 on average over the 20212025 period.

The French bank reported a 20 fall in revenue from fixed income, currencies and commodities FICC trading, significantly underperforming rivals on Wall Street, where trading revenue declined by about 3 on average amid less volatile markets.

In contrast, Deutsche Bank, which also reported quarterly results on Thursday, produced a 7 increase in fixed income and currencies trading revenue.

BNPP said it was more exposed to the Europe, MiddleEast and Africa region, where it made 60 of its FICC sales in 2023, and where the fall in activity was much more acute than in the United States.

Investors may nitpick the CIB investment bank unit performance with another FICC miss and 20 yearonyear decline in the FICC revenue base, Jefferies said in a note, adding that BNPP showed good cost control.

Most analysts were impressed by BNP Paribas39; control on costs, which fell at a faster pace in…