The banking giant BNP Paribas continues its momentum in the third quarter with already 8.04 billion euros in net profit obtained since the beginning of the year (+12% compared to 2021), a performance shared by all its professions.
Net profit for the third quarter alone, published on Thursday, was 2.76 billion euros, up 10.3% year-on-year.
The net banking result (NBI), equivalent to the turnover of the sector, grew by 4.9% at constant scope and exchange rates between July and September, to 12,310 million euros.
“With its model, the group achieved solid results in the third quarter,” CEO Jean-Laurent Bonnafé was quoted as saying in a press release.
Break the 2021 record
These results exceed the expectations of analysts compiled by the financial information provider Factset, which forecasts a profit in the third quarter of 2,360 million euros and a GNP of 11,990 million.
The bank is on track to do at least as well as in 2021, a record year with a net profit of €9.5bn.
It even raises its net income target by 2,000 million euros in 2025, due to “the positive impact of the rise in interest rates” by central banks.
Only the cost of the risk, that is, the sums provisioned to deal with the unpaid debts of the loans granted, somewhat obscures the picture.
It amounted to €947 million, an increase of around a third compared to the third quarter of 2021. This increase is mainly linked to a reform of housing loans in Poland (€204 million provisioned for it).
Source: BFM TV
