French bank BNP Paribas posted forecast-beating third-quarter earnings Tuesday with net profit seeing an 8 percent rise from the same period last year.
Here are the highlights:
- Net income up 8.3 percent at 2.04 billion euros ($2.37 billion), versus Reuters poll of 1.91 billion euros
- Revenue down 1.8 percent to 10.39 billion euros, versus Reuters poll of 10.6 billion euros
- Third-quarter costs down 1.2 percent to 7.13 billion euros, compared to a year ago
Earnings were boosted by the sale of a stake in Indian life insurance company SBI Life which led to a 326 million euro capital gain for the bank.
However, group revenues at the bank totaled 10.3 billion euros ($11.9 billion), down 1.8 percent year-on-year, due to an unfavorable exchange rate, the bank said.
It also reported a weak performance at its corporate and institutional banking (CIB) division against what the bank called "unfavorable" market conditions. There was also a steep drop in revenues at its fixed income division.