BNP BNP Paribas

By Pietro Lombardi

BNP Paribas SA's trading operations posted another good performance in the third quarter, helping profits fall less than expected despite higher provisions against potential losses from borrowers.

France's largest-listed bank by assets joined other European peers who also posted better-than-expected results and good performances of their trading businesses.

Global markets revenue rose almost 32% on year, with fixed-income revenue up 36%, BNP said Tuesday.

The performance of the trading operations helped revenue remain roughly stable at 10.89 billion euros ($12.68 billion). This, coupled with lower operating costs, meant that net profit declined by just 2.3% to EUR1.89 billion, beating analysts' expectations.

BNP, one of Europe's largest banks, set aside EUR1.25 billion for potential loan losses. This is 47% more than the same period last year but less than it stowed away in the second quarter.

The bank seems to be navigating the coronavirus pandemic better than it had expected, with profits in the first nine months ahead of the guidance it has given for the full year, namely a decline in net profit of between 15% and 20%.

BNP's core Tier 1 capital ratio--a key measure of capital strength--was 12.6% at the end of September, up from 12.4% in June.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com; @pietrolombard10

(END) Dow Jones Newswires

November 03, 2020 01:20 ET (06:20 GMT)

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