On Monday 2 May 2022, the Board of Directors of BNP Paribas examined the Group's results for the first quarter of 2022, including those of Commercial & Personal Banking in Luxembourg (CPBL).
At €13,218 million, the Group's revenues increased by 11.7% compared to the first quarter of 2021.
Commenting on these results, Chief Executive Officer (CEO) Jean-Laurent Bonnafé stated: "The Group is mobilising more than ever all of its resources and business lines to support individuals, corporates and institutionals in all phases of the economic cycle".
He continued: "On the strength of its model, BNP Paribas thus achieved a very good performance in the first quarter of 2022, thanks to its ability to meet the needs of clients and the economy. This performance reflects the commitment of its teams who work alongside our clients in long-term relationships".
Commercial & Personal Banking in Luxembourg (CPBL)
In Luxembourg, loans outstanding increased by 7.3% compared to the first quarter of 2021, driven by the increase in mortgage loans and corporate loans. Deposits increased by 6.7% compared to the first quarter of 2021 and off-balance sheet savings rose by 3.1% compared to 31 March 2021.
At €115 million, revenues increased by 14.1% compared to the first quarter of 2021. Net interest income rose by 8.8%, driven by an improvement in volumes and credit margin. Fees were up sharply, by 36.1%, compared to the first quarter of 2021, including across-the-board increases, particularly in payment means fees.
At €80 million, operating expenses were up by 1.9% compared to the first quarter of 2021, due to support for business development. The jaws effect was highly positive (+12.2 points).
At €35 million, gross operating income increased by 58.0% compared to the first quarter of 2021.
The cost of risk was very low with a €5 million release (compared to €1 million in the first quarter of 2021).
As a result, after allocating one-third of Luxembourg Private Banking’s net income to the Wealth Management business (Investment & Protection Services division), CPBL generated pre-tax income of €40 million (compared to €21 million in the first quarter of 2021).
