The French banking group has attributed the rise in net income due to lower loan-loss provisions, which declined to €706m in the third quarter from €1.25bn in the same period a year ago
Head offices of BNP Paribas. (Credit: Tangopaso/Wikipedia.)
BNP Paribas has reported a net income of €2.5bn for the third quarter (Q3) 2021, a 32% rise compared to €1.9bn in the same period in 2020.
The bank reported a pre-tax income of €3.5bn for Q3 2021, a 29% increase compared to €2.6bn for the corresponding quarter last year.
The French banking group has attributed the rise in net income due to lower loan-loss provisions, which declined to €706m from €1.25bn in the same period a year ago.
The company has reported a revenue of €11.4bn for the Q3 2021, a 4.7% rise compared to €10.8bn for the same period last year.
According to the lender, improved performances at domestic markets and wealth & asset management and strong revenues at CIB, including growth in all three of its businesses, have led the revenue growth in the quarter.
BNP Paribas chief executive officer Jean-Laurent Bonnafé said: “BNP Paribas’ results are solid and confirm the potential for growth beyond the rebound that has already occurred.
“On the strength of its distinctive model, BNP Paribas continues to accelerate the development of its activities and to invest at the service of clients and the economy.
“Our digital and industrial transformation allows it to be more efficient every day and to address customers’ new behaviours by offering them greater proximity and advisory.”
“I would like to thank BNP Paribas’ teams in all its entities for their constant mobilisation, and clients, who are increasingly numerous in placing their confidence in us in Europe and worldwide.”
The company’s Retail Banking and Services unit reported revenues of €7.7bn for the Q3 2021, a 1.5% increase compared to €7.6bn for the respective quarter in prior year.
Its Wealth and Asset Management business reported revenues of €859m for the Q3 2021, a 17% rise compared to €734m for the same period in 2020.
The Corporate Banking unit reported revenues of €1.2bn for the Q3 2021, a 15% rise compared to €1.1bn for the corresponding quarter last year.
BNP Paribas’ Securities Services business reported revenues of €575m for the Q3 2021, a 5.6% increase compared to €544m for the same period in 2020.
Earlier this year, BNP Paribas has agreed to acquire the remaining 50% stake in Exane, to completely acquire the company after a successful partnership for 17 years.