BNPQY BNP Paribas (QX)

By Pierre Bertrand

BNP Paribas posted a fall in reported net profit in the third quarter despite revenue growth that exceeded analysts' expectations, as expenses climbed.

The French lender said it made 2.66 billion euros ($2.81 billion) in quarterly net profit Thursday, compared with EUR2.77 billion in the prior year.

Revenue grew 4% to EUR11.58 billion.

The results compare with expectations of EUR2.72 billion in net profit and of EUR11.55 billion in net revenue, according to analysts polled by FactSet.

BNP Paribas said its operating expenses rose 3.4% to EUR7.09 billion in the period.

The bank recorded EUR153 million in after-tax exceptional and extraordinary items, a decline compared with the EUR257 million seen the previous year.

Divisionally, the bank's commercial, personal-banking and services business posted an on-year revenue rise of 6.1%, driven by commercial and personal banking as well as 12% net interest income growth.

Meanwhile, revenue at the company's corporate and institutional banking unit grew 3%, lifted by global banking and securities services.

BNP Paribas's investment and protection services revenue fell 2.6% in the quarter.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

October 26, 2023 01:20 ET (05:20 GMT)

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