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BNP Paribas Q1 Net Income Surges

BNP Paribas has posted net income group share of EUR2.28bn for the first quarter of 2010, an increase of 46.5% compared to the first quarter of 2009.

Net earnings per share in the first quarter reached EUR1.87, up 20.6% compared to the first quarter of 2009. The annualized return on equity was 14.4% compared to 12.3% in the first quarter of 2009.

Revenues for the first quarter were EUR11.53bn, an increase of 21.7% compared to first quarter of 2009. The retail banking businesses accounted for more than half of revenues (53%), corporate and investment banking accounted for 34% and investment solutions for 13%.

At EUR6.59bn, operating expenses rose 23.3% compared to the first quarter 2009.

The group’s cost/income ratio was 57.2%. At constant scope and exchange rates, it improved by two points.

BNP Paribas has said that its exposure to the Greek banking system is about EUR3bn and it also holds EUR5bn of Greek sovereign bonds.