Bnp Paribas closed the third quarter with doubled profits thanks to the recovery of bond trading and the reduction of losses on the Eurozone, managing to reach its targets in advance despite the global economic slowdown.
Net income for the quarter amounted to 1,32 billion euros, against 541 billion a year earlier and against a consensus drawn up by Reuters with 10 analysts of 1,18 billion. Revenues fell by 3,4% to 9,69 billion against estimates that converged on 9,31 billion.
From an asset point of view, the institution has a Basel III solvency ratio of 3% at the end of September. CEO Jean-Laurent Bonnafé told Reuters Insider that the bank "has tight and very good risk control and is working on costs quite efficiently." “We are adopting the French retail model,” he added.
