Arab Today, arab today bnp paribas more than doubles 3rd quarter
Last Updated : GMT 08:38:00
Arab Today, arab today
Arab Today, arab today

BNP Paribas more than doubles 3rd quarter

Arab Today, arab today

Arab Today, arab today BNP Paribas more than doubles 3rd quarter

Paris - Arabstoday

French bank BNP Paribas more than doubled net profit in the third quarter to €1.32bn ($1.7bn), beating expectations, but this was partly because the comparable results last year were relatively weak, the group said in a statement yesterday. Net profit surged by 144%, but this was compared with the third quarter of last year when the bank made extra write-downs totalling €2.09bn on its holdings of Greek debt. The price of shares in the bank surged by 5.27% in early trading to €41.15. The bank said that an exceptional item this time round was a revaluation of debt, which set the results back by €774mn. This was matched in part by a difference between the purchase price and book value of assets in Fortis bank as a result of unexpectedly early repayments, which contributed €427mn. The net outcome was higher than expected by analysts polled by Dow Jones Newswires who had expected a figure of €1.25bn.

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Arab Today, arab today bnp paribas more than doubles 3rd quarter Arab Today, arab today bnp paribas more than doubles 3rd quarter

 



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