PARIS: French bank BNP Paribas on Tuesday posted solid profit growth in the third quarter, buoyed by the positive economic environment in Europe, despite challenges in the retail banking market.
Net profit rose by 8.3 percent to 2.04 billion euros ($2.38 billion) for the period from July to September, BNP Paribas said in a statement.
The figure was slightly better than forecasts by analysts surveyed by FactSet.
Among the factors contributing to the rise was “the 326-million-euro capital gain resulting from the initial public offering of SBI Life", the bank's life insurance company in India, BNP Paribas explained.
Stripping out the one-off effects, net profit was down by 6.7 percent.
Total revenues were down 1.8 percent at 10.4 billion euros in the July-September period, but largely due to “an unfavourable foreign exchange effect."
Overall, BNP Paribas reported “good business development in an improved economic environment in Europe."
“Despite an unfavourable context in bond markets this quarter, revenues were stable on a comparable basis," it said.