BNP Paribas reports 45% increase in third-quarter profits

6 November 2009

BNP Paribas, the largest bank in France, has reported a net income for the third quarter of $1.9 billion, an increase of almost 45 per cent on the same period in 2008.

The bank has taken advantage of it rivals' weaknesses during the financial crisis to become the biggest bank in the eurozone after purchasing Fortis banking units in Belgium and Luxembourg for $15.4 billion earlier this year.

In September, BNP Paribas urged caution in its Investment Strategy for the latter part of 2009.

"Although the worst [of the financial crisis] now seems behind us some clouds remain on the horizon, since growth will remain subdued for some time and sales are also likely to disappoint," it said.

But since the beginning of 2009, shares in the bank have risen by more than 80 per cent, leaving nearest French rival Societe Generale lagging behind.

Earlier this week, Societe Generale, in which shares have risen by 33 per cent this year, reported a net income of $627 million in its third-quarter results.

By Gary Cooper

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