The retail banking division of French lender BNP Paribas has reported a pre-tax income of 1.74bn ($2bn) for the first quarter of 2016, up 5.5% from 1.65bn in the year-ago quarter.
The division’s revenues were 7.52bn, a fall of 0.6% from 7.57bn during the same quarter in 2015.
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The unit’s operating income increased 3.3% to 1.59bn from 1.54bn in the prior year.
Revenues in the bank’s French Retail Banking unit dropped 1.8% to 1.64bn from 1.67bn a year earlier, while net interest income slumped 0.7% year-on-year to 954m.
Overall, the banking group posted pre-tax income of 2.64bn in the first quarter, a rise of 3.4% from 2.55bn in the corresponding quarter of 2015.
Revenues dipped 2% to 10.84bn from 11.06bn in the corresponding period of 2015.
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By GlobalDataBNP Paribas CEO Jean-Laurent Bonnafé said: "In a particularly unfavourable market environment, the Group’s revenues held up well thanks to the diversity of its geographies and businesses, all focused on serving clients.
"The operating expenses are well-contained and the cost of risk is down significantly.The Group’s balance sheet is rock-solid and the rise in the fully loaded Basel 3 common equity Tier 1 ratio to 11.0% testifies the good organic capital generation."
