BNP Paribas 3Q Profit Rises on SBI Life Stake Sale -- Update

By Pietro Lombardi Features Dow Jones Newswires

(Adds details on the stake sale and on pretax income at various divisions.)

Continue Reading Below

BNP Paribas SA (BNP.FR) said Tuesday that third-quarter net profit grew, lifted by a capital gain from the sale of a 4%stake in its Indian joint venture SBI Life.

The Paris-based lender's net profit rose 8% to 2.04 billion euros ($2.37 billion) compared with the same period last year.

Revenue was EUR10.39 billion, down from EUR10.59 billion.

Analysts expected BNP--France's largest listed bank by assets--to post net profit of EUR2.01 billion, according to a FactSet poll.

The bank booked a EUR326 million capital gain from selling the 4% stake in its life-insurance joint venture with the State Bank of India, pushing pretax income at its international financial-services division up 27% to EUR1.74 billion.

Continue Reading Below

Meanwhile, corporate and institutional banking pretax income declined 4.2% to EUR778 million.

The French bank's domestic-markets business, which includes retail banks in France, Italy, Belgium and Luxembourg, posted a 10% decline in pretax income to EUR977 million.

The bank's core Tier 1 capital ratio--a key measure of capital strength--stood at 11.8% compared with 11.7% in the previous quarter.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

(END) Dow Jones Newswires

October 31, 2017 03:12 ET (07:12 GMT)