French banking group BNP Paribas has reported a net income group share of E1.56 billion for the first quarter of 2009, a decrease of 21.4% compared to E1.98 billion for the corresponding quarter of 2008.
For the first quarter of 2009, revenues were E9.48 billion, an increase of 28.2% compared to E7.39 billion for the same quarter of 2008. Operating income for the first quarter of 2009 was E2.3 billion, an increase of 2.6% compared to E2.24 billion for the same quarter of 2008.
According to a report published by the bank, pre-tax income for the first quarter of 2009 was E2.29 billion, a decrease of 14.4% compared to E2.67 billion for the same quarter of 2008. Gross operating income for the first quarter of 2009 was E4.13 billion, an increase of 48% compared to E2.79 billion for the same quarter of 2008.
The Group’s operating expenses, which totalled E5.348m, were up 16.1% compared to the first quarter 2008. The Group attributed these to the cost-cutting measures implemented across all the businesses, they were down 2.4% at constant scope and exchange rates and excluding variable compensation, in accordance with the target to stabilise costs in 2009. The operating divisions’ cost/income ratio, at 56.1%, improved by 7.9 points, said the bank.
