French banking group BNP Paribas posted strong first-quarter results this week, with revenues totalling €11,297 million, an increase of 4.2% on the same period last year. Within that, the Luxembourg division upheld its own.
The group reported that Luxembourg’s retail banking loans rose by 2.4%, compared to the first quarter of 2016, with growth in mortgage and corporate loans. Deposits were up 20.3%, notably from the corporate segment.
At €674 million, Luxembourg revenues on the whole were up 1.2%, compared to the first quarter last year. Excluding the new tax on lending institutions accounted in the third quarter of 2016, they were up by 2.8%, driven by personal investors, Luxembourg retail banking and Arval.
Operating expenses rose by 3.1% compared to the first quarter 2016, to €405 million. Excluding the impact of IFRIC 21 this quarter, they rose by 2.4% as a result of business development.
The cost of risk was down by €18 million compared to the first quarter 2016, standing at €14 million.
