France's BNP Paribas reported first-quarter earnings in line with expectations thanks to rising sales at its investment bank, and stuck with its profit forecasts despite a deteriorating economic outlook prompted by a global trade war.

BNP Paribas shares up 17% since Feb., driven by strong trading income. See why BNPQY stock offers value with a discount to tangible book value.

BNP Paribas SA Chief Financial Officer Lars Machenil said the companies he works with haven’t been racing to tap credit lines, indicating that the risk of a cash crunch for the economy is remote.