BNP Paribas has released its results for the
first quarter of 2010, showing a net profit beating analyst
forecasts.
Equipment Solutions in particular, the
division covering BNP’s leasing business, posted a significant rise
in revenues, standing at €357 million, or 81.2% up compared to the
first quarter of 2009.
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The “vigorous” growth in revenues, combined
with stable operating expenses over the period, contributed to a
gross operating income of €162 million – three times the level in
Q1 2009.
Risk cost was €65 million, compared to €47
million in the same period in 2009.
Pre-tax income came to €95 million, compared
to pre-tax losses of €20 million in Q1 2009.
Equipment Solutions encompasses BNP Paribas
Lease Group (BPLG), as well as IT, telecoms and copying equipment
business Arius, car and light vehicle management company Arval,
and construction, agricultural and transport equipment
business Artegy.
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