Last updated: May 03. 2013 2:40PM - 840 Views
Associated Press

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(AP) BNP Paribas says its earnings slumped in the first quarter amid a steep drop in corporate and investment banking as Europe's economic stagnation continued to bite.

France's largest bank by assets says it made net profit of 1.58 billion euros ($2.1 billion) in the January-March quarter, down 45 percent from 2.87 billion euros a year earlier.

In a statement Friday the bank says overall sales were lifted thanks to its asset management division, which benefited from rising global financial markets. Corporate and investment banking however saw earnings tumble about 30 percent to 806 million euros on a 21 percent drop in revenue which the bank blamed on a "lackluster environment" and "occasional renewed tensions" in Europe.

Associated Press
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