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October 31, 2016updated 04 Apr 2017 12:43pm

BNP Paribas retail banking arm reports 8.4% rise in Q3 pre-tax income

The retail banking division of BNP Paribas has posted pre-tax income of €2.36bn for the third quarter of 2016, an increase of 8.4% compared to €2.18bn for the same period a year ago.

The retail banking division of BNP Paribas has posted pre-tax income of €2.36bn for the third quarter of 2016, an increase of 8.4% compared to €2.18bn for the same period a year ago.

The division's quarterly revenues were €7.73bn, a 2% increase from €7.58bn in the prior year.

Operating income at the retail banking unit increased 8.4% to €2.22bn from €2.04bn a year earlier.

Revenues in the bank's French Retail Banking unit stood at €1.60bn for the third quarter of 2016, a fall of 3% from €1.65bn in the corresponding period in 2015. The unit’s net interest income dipped 3.9% to €923m from €961m a year ago.

Overall, BNP Paribas group posted pre-tax income of €2.78bn for the third quarter of 2016, up 4.2% compared to €2.67bn in the third quarter of 2015.

The banking group’s net income attributable to equity holders was €1.88bn, a 3.3% rise from €1.82bn in the prior year. Revenues increased 2.4% year-on-year to €10.59bn from €10,34bn.

BNP Paribas CEO Jean-Laurent Bonnafé said: “With net income up at 1.9 billion euros, BNP Paribas delivered a good performance this quarter.

“Thanks to its integrated and diversified business model serving its customers, it reported good growth in the revenues of the operating divisions despite the low interest rate environment.

“The cost of risk was significantly lower. The Group’s balance sheet is rock-solid and the further increase in the fully loaded Basel 3 common equity Tier 1 ratio to 11.4% testifies the solid capital generation.”

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