BNP Paribas Posts Higher Q3 Profit

BNP Paribas SA

reported an 11% gain in its net profit for the third quarter. BNP Paribas posted a quarterly net profit of EUR1.50 billion ($1.89 billion), versus a year-ago profit of EUR1.36 billion. However, analysts were expecting a profit of EUR1.38 billion. Its total revenue climbed 4% to EUR9.54 billion versus EUR9.18 billion, while fixed-income revenue rose 14% to EUR911 million. Revenue in the investment banking business gained 2.9% in the period. Pretax profit for French retail business declined 4% to EUR441 million, while retail banking pretax profit in Belgium climbed 8% to EUR187 million. Pretax profit at the investment solutions business surged 8% to EUR538 million. Domestic Markets' deposits rose 2.8% y/y in the quarter. BNP Paribas shares rose 0.05% to close at $30.65 yesterday.