BNP Paribas Q3 Net Profit Rises 45 Percent

EMMA VANDORE

PARIS (AP) — French bank BNP Paribas on Thursday reported a 45 percent increase in third quarter net profit thanks to gains in investment banking and the integration of newly acquired Belgian lender Fortis.

The eurozone's largest banking group said in a statement that it earned a net profit of euro1.3 billion ($1.92 billion) in the July to September quarter compared with euro901 million a year earlier.

The results beat expectations — a Thomson Reuters poll of analysts had forecast net profit of euro1.01 billion — and shares in the bank rose about 2 percent to euro53.70 in mid-morning trading.

BNP Paribas took advantage of troubles at Belgian lender Fortis, which it acquired, becoming the largest financial institution by deposits across the 16 countries that use the euro. The transaction, effective from May 12, added euro277 million to net profit in the quarter.

Asked whether BNP Paribas would be interested by other opportunities, CEO Baudouin Prot did not rule out small acquisitions but said integrating Fortis is the bank's priority.