BNP Paribas records Q1 profits
by Richard Kilner
Story link: BNP Paribas records Q1 profits
French bank BNP Paribas has released its Q1 2010 performance figures, including net profits of €2.2bn, up by 46.5% compared to the same time last year when it made €1.56bn.
Net earnings per share rose by 21% to €1.87, with return on equity up by 2.1% to 14.4%.
Group revenue increased by 22% to €11.5bn, with operating expenses up by 23.3% to €6.6bn.
Group operating income was recorded at €4.9bn, a rise of 19.5%, with the cost of risk falling to €1.3bn.
In its Q1 statement, BNP Paribas unequivocally assured those concerned that it had no material exposure to the difficult situation in Greece as it has never purchased a Greek bank.
The bank’s strong Q1 performance follows on from annual profits in 2009 of €5.8bn, a 93% increase on 2008, and suggest that BNP Paribas is firmly back into healthy profitability.