French banking group BNP Paribas has enjoyed a successful first quarter, having revealed a net income of E2.5 billion. This represents a 24.5% jump from Q1 2006, which, according to Bloomberg, was driven by higher corporate and investment bank earnings and gains from asset sales.
The Paris-based group also reported a 20.5% growth in revenues for the quarter to E8.2 billion. This rise has been mainly attributed to the successful integration of BNL, the Italian bank the group acquired last year. Meanwhile, its gross operating income climbed 22.7% compared to the first quarter in 2006 to E3.6 billion.
According to Reuters, BNP’s earnings were also significantly boosted by capital gains, primarily from the sale of a majority stake in Vivarte, a French clothing retailer. The sale yielded more than E300 million.
Stock climbed 3.6% to E90.65 following the results announcement, valuing the company at E84.5 billion, reported Bloomberg.