BNP 3Q Net Profit Rises 4%

Date : 10/30/2018 @ 6:37AM
Source : Dow Jones News
Stock : Bnp Paribas (QX) (BNPQY)
Quote : 23.875  -0.295 (-1.22%) @ 8:59PM

BNP 3Q Net Profit Rises 4%

BNP Paribas (EU:BNP)
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   By Pietro Lombardi 
 

BNP Paribas SA (BNP.FR) said Tuesday that its third-quarter net profit rose on year, boosted by a capital gain on the sale of 30.3% of First Hawaiian Inc. (FHB) and lower corporate income tax that offset a drop in operating income.

France's largest listed bank by assets reported a roughly 4% increase on year in net profit to 2.12 billion euros ($2.41 billion).

Revenue fell to EUR10.35 billion compared with EUR10.39 billion a year earlier.

The net profit surpassed analyst expectations of EUR2.07 billion, according to a consensus forecast provided by FactSet. Revenue was expected to be EUR10.52 billion.

Lower revenue and higher operating expenses contributed to a 7.9% decline in operating income.

The French bank reported a EUR286 million capital gain in the quarter from the sale of the stake in First Hawaiian bank.

BNP's core Tier 1 capital ratio--a key measure of capital strength--rose to 11.7% in September from 11.5% in June.

 

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

 

(END) Dow Jones Newswires

October 30, 2018 02:22 ET (06:22 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.

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