The retail banking arm of BNP Paribas has reported pre-tax income of EUR1.77bn for the first quarter of 2015, a surge of 20.4% as compared to the corresponding quarter of 2014.
For the quarter ended 31 March 2015, the division’s revenues were EUR7.61bn, up 10.2% compared with year the ago quarter.
The division’s operating income during the quarter rose by 21.2% to EUR1.67bn.
The bank’s French Retail Banking (FRB) unit revenues were down 2.2% compared to the first quarter of 2014 with a 3.5% decrease in net interest income due to the persistently low interest rate environment which generated a higher number of mortgage interest rate renegotiation.
Overall, BNP Paribas group’s first-quarter net income attributable to equity holders rose to EUR1.64bn, up 17.5% compared to the same period a year earlier.