BNP Paribas Equipment Solutions, the French bank’s leasing
business unit, overall grew 6.4 per cent and 9.3 per cent in the
financed vehicle fleet, compared to the second quarter 2007.
However, the business unit’s revenues were affected by the
negative impact of the used vehicle market, and totalled 284m
euros, down five per cent compared to second quarter 2007.
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Given the 3.4 per cent rise in operating expenses, gross
operating income fell 17 per cent. The cost of risk was 52 million
euros compared to 19m euros in the second quarter 2007.
Pre-tax income was 49m euros, compared to 102m euros in the
second quarter 2007.
BNP Paribas’ CEO Baudouin Prot said of the results: “The
financial crisis and its knock-on effects continued to weigh on the
profitability of the banking sector in the second quarter 2008,
again with significant differentiation between the results of the
players. In this context, our favourable liquidity situation and
recurring capital generation enable us, more than ever, to support
our customers in their projects.”
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