bnp paribas reported its firstquarter results on wednesday here is what you need to know revenue the french bank said revenue for the first quarter was 1203 billion euros 1323 billion up 14 on the yearearlier period this compares with analysts expectations of eur1198 billion according to consensus estimates provided by factset net profit bnp reported a net profit of eur4435 billion for the quarter more than double compared with last years first quarter analysts polled by factset had forecast a net profit of eur435 billion accounting changes this was the first set of results bnp released following the implementation of the ifrs 17 accounting regime for insurance contracts which led it to restate its 2022 results rbc analyst anke reingen said in a research note that consensus estimates for this year will likely be tweaked as a result bnp also said the implementation of ifrs 17 led to a reduction of 10 basis points in the banks common equity tier 1 ratio a measure of financial strength bnps cet1 ratio stood at 136 at the end of march up by 130 basis points compared with dec 31 with the increase mainly driven by the closure of the sale of bank of the west in february application of bank of the west gains bnp confirmed a eur5 billion sharebuyback program is planned for 2023 of which eur4 billion relate to the sale of bank of the west it said it launched a first eur25 billion tranche on march 31 with the second eur25 billion tranche planned for the second half of the year the bank also said it plans to pay out 60 of 2023 distributable net income with 50 via dividends and 10 through a share buyback in 2024 fallout from banking sector wobbles bnp didnt directly address recent turmoil in the banking sector but it highlighted that it has a diversified deposit base by geography entity currency and client segment the banks immediately available liquidity reserve stood at eur466 billion at the end of march giving it room to maneuver for more than one year in terms of wholesale funding it said write to adria calatayud at adriacalatayuddowjonescom and to pierre bertrand at pierrebertrandwsjcom