BNP Paribas Equipment Solutions
grew revenue by 25.5% to €1.5bn in the year to 31 December 2010, up
from €1.2bn in 2009. The equipment solutions division of French
bank BNP Paribas incorporates Arval, BNP Paribas Leasing Solutions,
and various rental activity.
Revenue rose by 16.9% at constant
scope and exchange rates, thanks to a strong rebound in used
vehicle prices, 4% growth of the company’s financed automobile
fleet, and continued strength in leasing.
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The business performance combined
with control of operating expenses helped to boost operating income
by 36.8%.
Combined with a cost of risk
decline of 22%, the company’s strong performance boosted pre-tax
income to €407m, more than three times the 2009 level.
In the final quarter of 2010, the banking division’s revenues
remained flat compared to the final quarter of 2009. Pre-tax income
rose 6.1% to €87m, thanks to 24.2% lower cost of risk, compared to
the final quarter of 2009. Operating expense rose 8.1% in the final
quarter. For the whole of 2010, operating expense rose 3.8%.
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