French banking giant BNP Paribas has reported net income attributable to equity holders €2.04bn for the third quarter of 2017, an increase of 8% compared to €1.88bn in the year ago period.
For the quarter ended 30 September 2017, revenues totalled €10.39bn, a marginal decline of 1.8% compared to €10.59bn in year ago third quarter.
The group’s operating income declined 0.6% year-on-year to €2.59bn. At €7.13bn operating expenses were down by 1.2% compared to the third quarter of 2016.
At the end of the third quarter, fully loaded Basel 3 common equity Tier 1 ratio3 was 11.8%, the banking group said in its earnings statement.
The retail banking arm of BNP Paribas reported pre-tax income of €2.72bn for the third quarter of 2017, a surge of 15% compared to €2.36bn in the year ago period.
The unit’s quarterly revenues dipped marginally to €7.71bn from €7.73bn in the third quarter of 2016.
Commenting on the performance, BNP Paribas CEO Jean-Laurent Bonnafe said: “With 2 billion euros in net income, BNP Paribas again delivered a good level of income this quarter. The Group 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.
“Costs are well under control thanks to the implementation of the transformation plan and the cost of risk decreased significantly. The Group’s balance sheet is very solid and the increase in the fully loaded Basel 3 common equity Tier 1 ratio to 11.8% testifies to this.”