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Revenue at BNP Paribas slips, but profit up

October 31. 2013 3:36AM
Associated Press

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(AP) BNP Paribas says its revenue fell 4.2 percent in the third quarter, partially because of weak investment banking activity.

France's largest bank brought in 9.3 billion euros ($12.8 billion) in revenue, above the consensus of analysts surveyed by FactSet. Partly by controlling costs, the bank said Thursday net profit rose 2.4 percent to 1.4 billion euros.

The bank said revenue in its corporate and investment banking division was down 14.6 percent, partially due to low client activity. But the business also suffered from a tough comparison to the same quarter last year, when bond markets were buoyed by the European Central Bank's promised bond-buying program. Revenue was also hit by a 138 million-euro downward own credit adjustment and debit value adjustment.

Associated Press

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