BNP Paribas said third-quarter profit more than doubled after it posted higher revenue at the investment-banking unit.
BNP Paribas, led by Chief Executive Officer Jean-Laurent Bonnafe, has reached higher capital levels under new Basel III rules than rivals including Germany’s Deutsche Bank AG (DBK) as European lenders cut assets and reduce corporate- and investment-banking jobs. The French firm, among banks hurt last year by a liquidity crunch and losses on Greek sovereign debt, plans to expand services to affluent U.S. clients and to corporate- and investment-banking clients in Asia.
'Thanks to its balanced and diversified business model', BNP Paribas 'confirmed this quarter its resilience in a challenging economic environment', Bonnafe, 51, said in the statement.
Pretax profit at BNP Paribas’s corporate- and investment-banking unit, or CIB, rose 7.3% to $942m. Revenue from equity and advisory operations climbed 51% to $571m, while fixed-income sales more than doubled to $1.45bn.
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