The retail banking arm of BNP Paribas has reported pre-tax income of €1.93bn for the first quarter of 2017, an improvement of 11% compared to €1.74bn reported a year ago.
The unit’s quarterly revenues were €7.72bn, a rise 3% from €7.52bn a year earlier. Operating income at the unit rose 11% year-on-year to €1.78bn.
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Revenues in the bank’s French Retail Banking unit dropped 1% year-on-year to €1.62bn. The unit’s net interest income dipped 4% to €912m from €954m in the first quarter of 2016.
Overall, BNP Paribas group reported pre-tax income of €2.75bn for the first quarter of 2017, an increase of 4% from €2.64bn in the corresponding quarter of 2016.
The banking group’s net income attributable to equity holders was €1.89bn, a 4% rise over €1.81bn reported a year ago. Revenues increased 4% year-on-year to €11.29bn.
BNP Paribas CEO Jean-Laurent Bonnafe said: “With 1.9 billion euros in net income, BNP Paribas delivered a very good performance this quarter. The revenues of the operating divisions were significantly higher thanks to good business growth. Costs were well under control and the cost of risk was down.
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By GlobalData“The Group’s balance sheet is rock-solid and the further increase in the fully loaded Basel 3 common equity Tier 1 ratio to 11.6% testifies this.”
