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RESULTS CLOSE TO THE STRONG RESULTS IN THE FIRST QUARTER 2002 DESPITE AN ENVIRONMENT THAT HAS FURTHER WORSENED
AND A SHARP DECLINE IN THE DOLLAR
AND A SHARP DECLINE IN THE DOLLAR
EUR 4,513 MILLION IN NET BANKING INCOME (+2.1 %)
EUR 1,656 MILLION IN GROSS OPERATING INCOME (-0.7 %)
EUR 962 MILLION IN NET INCOME GROUP SHARE (- 5.6 %)
BNP Paribas' net banking income (EUR 4,513 million) and gross operating income (1,656 million) are very close to their level in the first quarter 2002, respectively +2.1% and -0.7% but +5.1% and +5.8% at constant scope and exchange rates:
The Retail Banking businesses have continued to enjoy steady growth:
- Net banking income: +4.3% compared to the first quarter 2002,
- Gross operating income: +4.5% compared to the first quarter 2002.
The Asset Management and Services businesses have been hit by the deepening crisis in the equity markets:
- Net banking income: -9.7% compared to the first quarter 2002,
- Gross operating income: -32.9% compared to the first quarter 2002.
The Corporate and Investment Banking businesses had a first quarter that was better than last year, which was very high despite an already somewhat difficult environment:
- Net banking income: +1.6% compared to the first quarter 2002,
- Gross operating income: +2.0% compared to the first quarter 2002.
Provisions, which include a further EUR 85 million general provision, nevertheless only rose EUR 39 million (+13.0%).
Net income group share (EUR 962 million) was down 5.6% compared to the first quarter 2002, but up 3.7% at constant scope and exchange rates.
The Group's annualised return on equity was 14.4%.
Unrealised capital gains on the Group's investment portfolio totalled EUR 1.1 billion at the spot prices as at 31 March 2003. The full amount of the net additions to the insurance subsidiaries' provisions, set aside on the basis of these prices, was charged against the Group's consolidated net banking income.
BNP Paribas' net banking income (EUR 4,513 million) and gross operating income (1,656 million) are very close to their level in the first quarter 2002, respectively +2.1% and -0.7% but +5.1% and +5.8% at constant scope and exchange rates:
The Retail Banking businesses have continued to enjoy steady growth:
- Net banking income: +4.3% compared to the first quarter 2002,
- Gross operating income: +4.5% compared to the first quarter 2002.
The Asset Management and Services businesses have been hit by the deepening crisis in the equity markets:
- Net banking income: -9.7% compared to the first quarter 2002,
- Gross operating income: -32.9% compared to the first quarter 2002.
The Corporate and Investment Banking businesses had a first quarter that was better than last year, which was very high despite an already somewhat difficult environment:
- Net banking income: +1.6% compared to the first quarter 2002,
- Gross operating income: +2.0% compared to the first quarter 2002.
Provisions, which include a further EUR 85 million general provision, nevertheless only rose EUR 39 million (+13.0%).
Net income group share (EUR 962 million) was down 5.6% compared to the first quarter 2002, but up 3.7% at constant scope and exchange rates.
The Group's annualised return on equity was 14.4%.
Unrealised capital gains on the Group's investment portfolio totalled EUR 1.1 billion at the spot prices as at 31 March 2003. The full amount of the net additions to the insurance subsidiaries' provisions, set aside on the basis of these prices, was charged against the Group's consolidated net banking income.