BNP Paribas said that the strong growth in activity and results in the first quarter of 2023 were driven by the strength of the group’s diversified and integrated model, by mobilising its teams, resources and capabilities

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BNP Paribas reports Q1 2023 net income of €4.43bn. (Credit: BNP Paribas)

BNP Paribas has reported a net income of €4.43bn for the first quarter ended 31 March 2023, compared to €1.84bn for the corresponding period of the previous year.

The investment bank reported revenues of €12bn for the first quarter (Q1) of 2023, a 1% increase compared to €11.86bn for the same quarter in 2022.

The company reported pre-tax income of €2.37bn for Q1 2023, a 9% decrease compared to €2.62bn for the respective quarter previous year.

The French lender reported an operating income of €2.19n for Q1 2023, an 11% decrease compared to €2.46bn for the same period in 2022.

BNP Paribas attributed the strong growth in activity in the first quarter of 2023, to the strength of the group’s diversified and integrated model by mobilising its teams, resources and capabilities.

BNP Paribas chief executive officer Jean-Laurent Bonnafé said: “The Group continues to mobilise all its resources and business lines to support individual, corporate, and institutional clients in all phases of the economic cycle.

“BNP Paribas achieved a very good performance in the first quarter of 2023, reflecting the efficiency of its leading platforms, which give it a unique capacity to serve the economy. This performance demonstrates our solidity and commitment to supporting clients over the long term.

“In accelerating its efforts to meet ambitious environmental and social objectives, BNP Paribas intends to play an increasingly active role in the transformation of our economies and our societies.”

BNP Paribas’ corporate and institutional banking unit reported revenues of €4.87bn for Q1 2023, a 4% rise compared to €4.68bn for the same quarter of the previous year.

The company’s global banking division reported revenues of €1.45bn for Q1 2023, a 16% increase compared to €1.25bn for the respective quarter in 2022.

The investment bank’s global markets arm reported revenues of €2.76bn for Q1 2023, a 2% decline compared to €2.81bn for the same period in 2022.

BNP Paribas’ securities services reported revenues of €655m for Q1 2023, a 7% increase compared to €613m for the same quarter of the previous year.