Operator

Good afternoon, ladies and gentlemen, and welcome to the presentation of the BNP Paribas First Quarter 2026 Results with Jean-Laurent Bonnafe, Group Chief Executive Officer; and Lars Machenil, Group Chief Financial Officer. For your information, this conference call is being recorded. Supporting slides are available on BNP Paribas IR website. [Operator Instructions] I would like to now hand the call over to Jean-Laurent Bonnafe, Group Chief Executive Officer. Please go ahead, sir.

Jean-Laurent Bonnafe
MD, CEO & Director

Thank you. Good afternoon, ladies and gentlemen. We are pleased to present a strong first quarter, which confirms we are well on track for our previously announced '26 and '28 trajectories. Our presentation will be short because it seems that today is a busy day.

So on Slide 4. As you can see, our first quarter results continued the sharply positive trend we showed in the previous quarter. Revenue rose at a very strong rate of 8.5%. Jaws effect was at high 3 points, and our cost/income ratio improved 2 points compared to the first quarter '25. As a result, our gross operating income was up significant 13.7% this quarter. Cost of risk reached 39 bps within our trajectory of less than 40 bps through the