BNP Paribas’ equipment solutions division made a pre-tax loss of
€16 million in the first quarter of 2009 – representing a hefty
fall year-on-year, when comparing the results to the pre-tax profit
of €89 million it had achieved in the first quarter last year.

According to the French bank, the rise in the cost of risk to
€51 million compared to €16 million the previous year, “weighed on
the profitability of the business” and hurt the bottom-line.

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The equipment solutions division – which includes BNP Paribas
Lease Group as well as the Artegy, Arius and Arval subsidiaries –
also saw revenues fall by just over 25 percent year-on-year, to
€212 million last quarter. This is a slight dip of 6 percent on
Q4/08, where revenues had totalled €225 million.

“Revenues […] were again affected this quarter by the decline in
the price of used cars,” said the company.

Jason T Hesse
 

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