BNP Paribas beat analysts’ expectations, describing the quarter as “very good, with strong commercial and operational momentum”. The banking group’s revenue rose 9.5 per cent to nearly 13.8 billion euros.
Chief executive Jean-Laurent Bonnafé announced “a new phase” in the group’s development. He is due to unveil a “2030 plan” on 2 February. The results boost the bank, which operates in its home market of France amid political instability.
The commercial banking operations of subsidiary BNP Paribas Fortis in Belgium generated pre-tax profit of 460 million euros in the third quarter, up 30.5 per cent on the same period last year. Deposits rose 2.5 per cent, and outstanding loans rose 1 per cent.
With a 5.7 per cent stake, the Belgian state is one of BNP Paribas’s largest shareholders. Last week, financial news agency Bloomberg reported that some government members were pushing to sell the stake over the long term. It is currently worth more than 5 billion euros.
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