France's largest bank, BNP Paribas reported a 45 percent fall in first-quarter net income on Friday and CEO Jean-Laurent Bonnafé told CNBC given the current environment he is satisfied with the result.
Bonnafé said the bank suffered from the weak economic outlook in Europe and low interest rates which damaged its profitability. The bank also reduced the size of its corporate and investment banking (CIB) activity.
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BNP Paribas said quarterly earnings fell to 1.58 billion euros ($2.07 billion) from 2.87 billion euros in the year-ago period, when profits were boosted by the sale of part of its stake in real-estate subsidiary Klepierre. The profit figure slightly beat analysts' expectations of 1.53 billion euros, according to an average of analysts' forecasts compiled by Thomson Reuters.