BNP Paribas Posts Disappointing 3Q; Weak Trading Revenue Weighs on Results
Narrow-moat BNP Paribas had a disappointing third quarter, as attributable income excluding exceptional items declined by 7% to EUR 2 billion. Revenue pulled back by 2% compared with the third quarter of 2016, with trading revenue in particular under pressure. We retain our EUR 67.50 fair value estimate and our narrow moat rating.Corporate and institutional banking (29% of pretax profits) had a disappointing quarter with a 9% decline in revenue, mainly due to weak trading activity for fixed-inc...
BNP Paribas is engaged in the provision of banking and financial services. Co.'s business activities are divided into two segments: Retail Banking & Services and Corporate and Investment Banking. The Retail Banking and Services business includes domestic markets and international financial services. The Corporate and Institutional Banking comprises of corporate banking, global markets, and securities services. Other activities include principal investments, which related to Co.'s central treasury function, some costs related to crossbusiness projects, the residential mortgage lending business of personal finance, and certain investments.
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