Investors are sceptical if BNP Paribas’s valuation is any guide: its shares are trading at a 27 percent discount to tangible book value. CGAThompson believes CEO Bonnafé will have to deliver more than a one-off trading boost to convince them otherwise:
BNP Paribas on May 2 reported first-quarter pre-tax profit of 2.7 billion euros, up 19 percent from a year earlier. Revenue rose 3.2 percent over the same period to 11.1 billion euros.
The Paris-based lender’s corporate and institutional banking division, which includes the investment bank, reported a 3.5 percent year-on-year increase in revenue to 3 billion euros. BNP’s common equity Tier 1 capital ratio was 11.7 percent, a decrease of 10 basis points compared with three months earlier.
Excluding one-off items, the bank reported an annualised return on tangible equity of 11.2 percent for the quarter, down from 11.9 percent in the first quarter of 2018.
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