BNP Paribas has reported a net income of €1.76bn for the first quarter ended 31 March 2021, an increase of 37.9% compared to €1.28bn for the corresponding quarter in 2020.
The bank has reported an operating income of €2.33bn for the first quarter (Q1) of 2021, a 79% rise compared to €1.3bn for the same period last year.
The firm has reported total revenue of €11.82bn for Q1 2021, an increase of 8.6% compared to €10.88 for the same quarter the previous year.
BNP Paribas attributed the increased income to its solid business activity, strengthened leadership positions and effective diversification.
BNP Paribas CEO Jean-Laurent Bonnafé said: “BNP Paribas continues to mobilise all its resources and expertise to support individual, corporate and institutional clients and to contribute to the success of a solid and sustainable recovery.
“While strengthening its environmental and social commitments and continuing its digital and industrial transformation, the Group relies on its diversified and integrated business model, robust financial structure, and the powerful execution capacity of its platforms to deliver solid results.
“I would like to thank all BNP Paribas teams around the world who, after long months of a health crisis, are constantly working with their clients to help them adapt, put in place the right solutions and accompany the recovery of their activities.”
BNP Paribas’ retail banking and services business reported revenue of €7.84bn for Q1 2021, a 0.25% increase compared to €7.82bn for the same quarter in 2020.
Its international financial services unit generated revenue of €4.02bn for Q1 2021, a 0.6% decrease compared to €4.05bn for the same period the prior year.
The personal finance business of the company posted revenue of €1.33bn, a 9.7% decrease compared to €1.47nm for the corresponding quarter in 2020.
Its corporate and institutional banking segment reported revenue of €3.67bn, a 24% increase compared to €2.95bn for the same period in 2020.
The company has raised more than €112bn in financing for its clients on the syndicated loan, bond and equity markets, a 21% rise compared to Q1 2020.