BNP Paribas Beat Expectations in 3Q After Riding Out Tough Investment Market
2022年11月3日 - 3:42PM
Dow Jones News
By Ed Frankl
BNP Paribas SA said it beat expectations in its third quarter as
its investment-banking division proved resilient amid strong client
demand despite the market slump.
The French lender said Thursday that its net profit in the three
months to the end of September rose to 2.76 billion euros ($2.71
billion) from EUR2.50 billion in the same period a year
earlier.
That beat expectations of a net profit fall to EUR2.37 billion,
according to analysts' consensus provided by FactSet.
Revenue increased 8% to EUR12.31 billion, the Paris-based
company said, beating consensus expectations of EUR12.00
billion.
Revenue at the corporate and institutional banking
segment--which bundles up its investment-banking operations--rose
5.9%, driven by its global markets division and a resilient global
banking unit, despite what BNP Paribas described as an unfavorable
market.
But the bank's cost of risk increased by 34% on year to EUR947
million, including a EUR204 million one-off impact from Poland's
mortgage holiday, the lender said.
Write to Ed Frankl at edward.frankl@dowjones.com
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(END) Dow Jones Newswires
November 03, 2022 02:27 ET (06:27 GMT)
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