The group Bnp Paribas closed the first quarter of the year with a net profit of 2,86 billion euros, for an increase of 9,6%. The result came thanks above all to the capital gain of 1,8 billion euros linked to the sale of 28,7% of Klepierre. However, the institute also recorded a negative impact of 0,8 billion due to the revaluation of its own debt.
Adjusting for exceptional items, net income for the quarter was $2,03 billion, down 22%. Operating income amounted to 9,86 billion, down by 15,4% compared to the first quarter of 2011. The cost/income ratio increased by 11,7 points (69,3%) on an annual basis and 0,4 points on a cyclical basis. Gross operating income fell by 38,7% to 3,03 billion.
As for the Italian Bnl, controlled by the Bnp Paribas group, reported pre-tax income of 150 million euros in the first quarter, down 1,3% year-on-year. The intermediation margin increased by 2,3%, to 816 million. Loans increased by 0,2%, with a tendential slowdown in demand, especially for mortgages. Deposits grew by 1,6%, thanks to the positive contribution of businesses and local authorities.
The decrease in operating costs compared to the first quarter of 2011 (-0,5%) allows for an increase in gross operating profit of 5,6% and an improvement in the cost/income ratio of 1,4%, to 54,2 %. The cost of risk stood at 106 basis points of outstanding customer loans (+21 million euros compared to the first quarter of 2011).
