France’s biggest listed bank, BNP Paribas, reported a 21% in third quarter net profit according to the Financial Times.
In contrast to its rivals, many of whom have suffered following the global credit crunch, BNP Paribas saw profit grow to $2.97 billion as it was boosted by overseas banking and asset management. The sale of BNP Paribas’6.5% stake in France’s Bouygues Telecom also lifted the profits.
“In a business environment that remains uncertain, BNP Paribas will pursue its strategy based on a well-balanced portfolio of well-positioned businesses,” says Baudouin Prot, chief executive.
Third-quarter capital gain of $76 million was also due to the flotation of Nanjing, the Chinese bank in which BNP has a stake. Many of its rivals have been hit by the credit crunch in the US sub-prime market, while rival bank Societe Generale reported an 11.5% drop in third quarter profit earlier in the week.