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

By FeaturesDow Jones Newswires

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

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.

Continue Reading Below

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.

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)