Pre-tax profits at the equipment solutions arm of BNP Paribas
Group dropped 11 per cent year-on-year during the first quarter of
this year, despite marginal growth in its vehicle financing
arm.
The company attributed the drop in pre-tax income, down to €89m,
to a €5m increase in operating expenses in the first quarter of
2008, and an extra €3m expense in the cost of risk during the same
period.
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However, the parent bank reported in its first quarter
statement, published on Thursday, that its equipment solutions
business had “showed a good sales and marketing drive [in the last
three months], in particular in equipment leasing and in vehicle
financing”.
It saw a 7.3 per cent rise year-on-year in the number of
vehicles it financed, while revenues totalled €284m, which it
described as “stable”.
However, the statement added: “This growth was offset in the
first quarter by the impact on revenues of the drop in the value of
vehicles due to the evolution in the second-hand car market.”
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