BNP Paribas posts 25% Q3 net profit increase
French banking firm BNP Paribas has reported a 24.9% increase in net profit for its third quarter, driven by to the recent acquisition of Italian bank BNL, and higher asset management earnings.
Net income totaled E1.68 billion, up from E1.34 in the corresponding period of the previous year, beating the E1.64 billion forecast by analysts. Operating profit rose 22.5% to E2.57 million. The acquisition of BNL contributed E197 million to pretax profits in the quarter, while pretax profit at the asset management division increased by 27% to E361 million. Despite the rise in the number of shares due to the recent capital increase, earnings per share have risen to E6.2 from E5.4 for the first nine months of 2006.
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