BNP Paribas Group announced today net banking income of Euros 4,040 million in the third quarter, down 3.8 per cent on the comparable period last year. Operating expenses and depreciation rose only 1.7 per cent (to Euros 2,728 million) but gross operating income fell 13.5 percent to Euros 1,312 million. Provisions rose by Euros 17 million and operating income fell to Euros 925 million, or down 19.4 per cent. An exceptionally high level of provisions for the equity investment portfolio (Euros 244 million) led to a 22.9 percent decline in the net income, group share (Euros 573 million).
The bank says that, despite the stock market meltdown, Corporate and Investment Banking and Asset Management and Services posted third quarter cost/income ratios of 65.3 percent and 69.1 per cent respectively and pre-tax quarterly income in excess of Euros 200 million each. Retail Banking continued to grow, especially outside France – its pre-tax income was up 9.4 percent at Euros 616 million.