Group net income totalled EUR 916 million, reflecting the good overall business performance. It includes a EUR -239 million impact for the revaluation of own financial liabilities related to the Group's improved issuer spread.
Against a tumultuous and volatile political, economic and financial backdrop, the Group pursued its strategy of realigning its operations to the new regulatory environment during Q1 2011. It continued with investments to develop its businesses, strengthen risk control and transform its operating model as part of the implementation of the "Ambition SG 2015" plan.
Its business results were generally very satisfactory. The dynamism of the French Networks, the revenue growth in Corporate and Investment Banking, and the ongoing recovery of Specialized Financial Services & Insurance as well as Private Banking, Global Investment Management and Services testify to the quality of the Group's customer franchises. International Retail Banking continued to enjoy a healthy commercial momentum but saw its financial performance impacted by the political upheavals in Africa and the Mediterranean Basin.
Frederic Oudea, the Group's Chairman and CEO, stated: «The Q1 results provide further evidence of the robustness of the Group's businesses and their ability to grow in an uncertain international, political, economic and financial environment. Drawing on its substantial capital-generating capacity, the Group continued to systematically realign its operations to the new regulatory environment and implement its resolutely customer-focused strategy, based on a rigorous allocation of its financial resources.»