DECRYPTION – Their activities held up well in the first quarter, but they will be affected by the economic slowdown.
So far so good. Despite the war in Ukraine, the stagnation of growth and the rebound in inflation, the commercial activity of the three major French banks which published their results this week remained buoyant in the first quarter. BNP Paribas’ revenues thus increased by 11.2% and its profits by 19.2% (2.1 billion euros). Societe Generale also surprised the financial community with sharply rising revenues (+16.6%) and net income of 842 million euros (+3.4%).
The bank with the red and black logo is the most exposed to Russia with its bank Rosbank. It is in the process of selling it to the Russian group Interros Capital. The negative impact of the operation (3.1 billion euros) will not appear in the income statement until later. Crédit Agricole’s income also increased significantly between January and March (+7%). But the Green Bank played it safe and spent nearly 600 million euros in provisions to deal with…
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