DBRS: BNPP: 3Q17 Underlying Performance Dented by Decline in CIB Revenues and Negative FX effect
BNP Paribas S.A. (BNPP or the Group) reported 3Q17 net income attributable to equity holders of EUR 2,043 million, up 8.3% year-on-year (YoY). Excluding exceptionals totalling a net negative EUR 2 million after-tax in 3Q17 (mainly own credit adjustment, DVA and transformation costs, capital gains on the sale of stake in SBI Life and impairment of TEB’s goodwill) and a negative EUR 306 million in 3Q16 (mainly own credit adjustment, DVA and transformation costs), group net income was down 6.7% YoY at EUR 2,045 million in 3Q17. This was mainly due to a decline in Global Markets revenues in 3Q17 and also negative foreign exchange rates. For the 9M17, net income attributable to equity holders was EUR 6,333 million on a reported basis, up 1.2% YoY and, when adjusted for exceptionals, EUR 6,430 million, up by a strong 7.4%.
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