European banking group BNP Paribas says that its first quarter 2010 final results show ongoing signs of financial recovery following the economic downturn of 2009. The Business produced net earnings of €2.28bn, an increase of 46.5% when compared to very first quarter of 2009. Income rose 21.7% to achieve €11.53bn, with the retail banking businesses accounting in excess of 1 / 2 of income (53%), while CIB and Investment Solutions businesses accounted for 34% and 13% respectively.
The operating performance of all the Group’s business units, combined with the effects of the integration of BNP Paribas Fortis and the drop in the cost of risk, helped generate €3.84bn in pre-tax income, up 67.7% compared to the first quarter of 2009.
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