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BNP Paribas (OTC:) reported a decline in its third quarter net profit, falling to €2.66 billion ($2.81 billion) from €2.77 billion in the prior year, despite exceeding analysts’ revenue expectations. The bank’s revenue growth of 4% to €11.58 billion surpassed analysts’ estimates of €11.55 billion.
The drop in profit was attributed partly to a rise in operating expenses by 3.4%, totaling €7.09 billion. Additionally, the bank noted a decrease in after-tax exceptional and extraordinary items from last year’s €257 million to this year’s €153 million.
Despite the overall dip in net profit, certain sectors within the bank demonstrated significant growth. The commercial and personal banking sector reported an on-year revenue increase of 6.1%, propelled by a substantial 12% surge in net interest income.
In contrast, the corporate and institutional banking unit exhibited a more modest growth of 3%. This growth was supported by global banking and securities services. However, the investment and protection services division faced a slight downturn with a revenue decrease of 2.6%.
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