BNP net profit jumps 46.5 per cent, but Greek exposure worrying

French bank BNP Paribas SA today reported a 46.5 per cent jump in net profit for the first quarter thanks to gains on its purchase of assets in Belgium's Fortis and a gradual recovery in economic conditions.

The largest banking group in the euro zone by deposits said it had "limited" exposure of about 5 billion euro to Greece's debt, with another 3 billion euro in commercial investments, primarily in the shipping sector. Although its exposure is the largest among major French banks, BNP Paribas insisted overall fallout from the Greek crisis was "negligible" in the quarter.

Net profit for the first quarter was 2.28 billion euro, up from 1.56 billion euro in the first quarter of 2009, helped by the acquisition of assets in Fortis last May, the bank said in a statement. Earnings per share were euro 1.87, up 20.6 per cent from last year.

Chief executive officer Baudouin Prot called it a "remarkable" quarterly performance.

Revenues in the quarter were up 21.7 per cent at 11.53 billion euro, compared with 9.47 billion euro in the first quarter of 2009.

The bank "produced one of the best results of the leading global financial services groups," Prot said. The statement said all of the group's units made a positive contribution to the results.