BNP Paribas joins European rivals in posting boosted profits
BNP Paribas has posted higher-than-expected revenues and profits for the third quarter as it joined some of its rivals across Europe in benefiting from rising interest rates and offset a decline in share sales and dealmaking with a thriving trading business.
France’s biggest listed bank, which has made a push to extend its ties with companies across Europe in recent years, said net profit had jumped 10.3 per cent from a year earlier to €2.76bn, beating Refinitiv forecasts of €2.36bn.
In BNP Paribas’s corporate and investment bank, revenue from trading rates and commodity derivatives in particular boosted its earnings, at a time when businesses have been hedging their operations against rising energy prices.
BNP Paribas’s cost of risk ticked up slightly in the third quarter from a year earlier. The bank said that was owing to the one-off €204mn impact of a new Polish law that allows struggling mortgage borrowers to postpone some payments.
This story originally appeared on: Financial Times - Author:Sarah White
