Tailwind From Lower Loan Losses Begins to Wane in BNP Paribas' 3Q
No-moat BNP Paribas reported attributable net income of EUR 2.1 billion for the third quarter, 4% higher than what it reported for the corresponding period in 2017 and in line with consensus expectations for the quarter. The results were saved by a lower tax rate; pretax profits declined 5%, with flat revenue and a 2% increase in expenses. We do not forecast quarterly earnings, but the run rate of earnings growth is in line with our full-year expectations. Our estimated profit before tax for fis...
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