BNP Paribas has reported three-month profits that were better than expected, suggesting it has not been as hard-hit by the credit crunch as its peers.
Net profit for the first three months of 2008 came in at 1.98bn euros ($3.05bn; £1.57bn), down 21% from the same period of 2007.
The bank took a write-down of 546m euros from its exposure to debt based on US sub-prime mortgages.
BNP Paribas shares rose 2% in early trading in Paris.
In its statement, the bank described the first three months of the year as being "marked by a markets crisis of a rare violence".
Profits from its French retail banking operations rose 6.9%, making up for some of the 73% fall in the profits from its investment and corporate banking operations.
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