Business

BNP Paribas sees profits jump 46%

BNP Paribas branch
Image caption BNP is France's biggest listed bank

France's biggest bank BNP Paribas has announced third-quarter profits ahead of expectations, helped by it putting a lower amount aside for bad loans.

BNP reported a net profit of 1.9bn euros (£1.7bn) in the three months to September, a rise of 46% on last year.

Revenue, which had been expected to fall slightly, increased 1.8% to 10.86bn euros.

The bank set aside 1.22bn euros to cover bad loans, which was 47% lower than a year earlier.

The profit figure was better than the 1.74bn euros analysts had forecast.

The bank said it had seen a rebound in retail banking and added that the integration of Fortis Bank, which it bought last year, was six months ahead of schedule.

In an interview with Reuters, BNP chief executive Baudouin Prot also said the bank would not need to raise any extra capital to meet tough new industry requirements, which are due to be phased in from 2013.

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