BNP Paribas has reported a net income of €2.1bn for the first quarter ended 31 March 2022, a 19.2% rise compared to €1.8bn for the same quarter prior year.

The company reported total revenue of €13.2bn for the first quarter (Q1) 2022, an 11.7% increase compared to €11.8bn for the same period in 2021.

The bank reported a profit before tax (or) pre-tax income of €3.3bn for Q1 2022, a 16.1% rise compared to €2.8bn for the corresponding quarter last year.

Its operating income for the reported period was €3.1bn, which increased by 33.1% compared to €2.3bn for the same period in the previous year.

BNP Paribas has attributed its increased performance to the diversified and integrated model and strong risk management capabilities.

BNP Paribas chief executive officer Jean-Laurent Bonnafé said: “The Group is mobilising more than ever all of its resources and business lines to support individuals, corporates and institutions in all phases of the economic cycle.

“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.

“I would like to thank BNP Paribas teams in all entities for their constant mobilisation, as well as our clients, who are increasingly numerous in placing their trust in us.”

BNP Paribas’ Corporate and Institutional Banking (CIB) business has reported net revenue of €4.7bn for the Q1 2022, a 28.1% rise compared to €3.6bn for the same quarter last year.

Its Commercial, Personal Banking & Services (CPBS) unit has reported net revenue of €7bn for Q1 2022, an 8.5% rise compared to €6.3bn for the same period in 2021.

The bank’s Corporate Centre has reported net revenue of €66m for the Q1 2022, a 79% rise compared to €314m for the same quarter the previous year.