BNP Paribas 3Q Net Profit Fell, Revenue Rose

   By Pietro Lombardi 
 

BNP Paribas SA's (BNP.FR) third-quarter net profit fell 8.8% from a year earlier, when results included a capital gain on a stake sale, with the investment banking business posting a strong performance.

Net profit for the period was 1.94 billion euros ($2.16 billion) compared with the EUR2.12 billion reported in the same period last year, France's largest listed bank by assets said Thursday.

Revenue rose 5.3% to EUR10.90 billion.

The results compare with analysts' expectations of EUR1.82 billion profit on revenue of EUR10.67 billion, according to a consensus forecast provided by the FactSet.

Excluding exceptional items, net profit grew 3.4% on year. Results for the third quarter of last year included the sale of a stake in First Hawaiian Inc. (FHB).

The corporate and institutional banking division posted a roughly 14% increase in pretax profit. Global markets revenue rose almost 15%, with fixed-income revenue up roughly 35% and equities and prime services revenue down 15%.

BNP's core Tier 1 capital ratio--a key measure of capital strength--was 12% at the end of September, from 11.9% in June.

Write to Pietro Lombardi at [e-mail]

(END) Dow Jones Newswires

October 31, 2019 02:21 ET (06:21 GMT)

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