BNP Paribas reports 21% rise in profit

8 November 2007

France's biggest listed bank, BNP Paribas, reported a 21 per cent rise in third quarter net profit according to the Financial Times.

In contrast to its rivals, many of whom have suffered following the global credit crunch, BNP Paribas saw profit grow to $2.97 billion as it was boosted by overseas banking and asset management.

The sale of BNP Paribas' 6.5 per cent stake in France's Bouygues Telecom also lifted the profits.

Baudouin Prot, chief executive, said: "In a business environment that remains uncertain, BNP Paribas will pursue its strategy based on a well-balanced portfolio of well-positioned businesses."

Third-quarter capital gain of $76 million was also due to the flotation of Nanjing, the Chinese bank in which BNP has a stake.

Many of its rivals have been hit by the credit crunch in the US sub-prime market, while rival bank Societe Generale reported an 11.5 per cent drop in third quarter profit earlier in the week.

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development