BNP Paribas 3Q Profit Rises on SBI Life Stake Sale -- Update
October 31 2017 - 2:27AM
Dow Jones News
(Adds details on the stake sale and on pretax income at various
divisions.)
By Pietro Lombardi
BNP Paribas SA (BNP.FR) said Tuesday that third-quarter net
profit grew, lifted by a capital gain from the sale of a 4%stake in
its Indian joint venture SBI Life.
The Paris-based lender's net profit rose 8% to 2.04 billion
euros ($2.37 billion) compared with the same period last year.
Revenue was EUR10.39 billion, down from EUR10.59 billion.
Analysts expected BNP--France's largest listed bank by
assets--to post net profit of EUR2.01 billion, according to a
FactSet poll.
The bank booked a EUR326 million capital gain from selling the
4% stake in its life-insurance joint venture with the State Bank of
India, pushing pretax income at its international
financial-services division up 27% to EUR1.74 billion.
Meanwhile, corporate and institutional banking pretax income
declined 4.2% to EUR778 million.
The French bank's domestic-markets business, which includes
retail banks in France, Italy, Belgium and Luxembourg, posted a 10%
decline in pretax income to EUR977 million.
The bank's core Tier 1 capital ratio--a key measure of capital
strength--stood at 11.8% compared with 11.7% in the previous
quarter.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
October 31, 2017 03:12 ET (07:12 GMT)
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