Bnp Paribas Ord Share Price (0HB5)

BNP Paribas reported better than expected earnings as its profit doubled thanks to higher revenues at its investment banking unit. Specifically, the French bank posted a rise in third quarter net income to €1.32bn from last year's €541m. That beat the €1.18bn consensus estimate. Although overall revenue dropped 3.4% to €9.69bn, that was still above market expectations of €9.31bn. The bank also noted that the number was affected by a €747m charge for its own credit adjustment. In any case, its investment banking division CIB saw a 7.3% rise in pretax profit to €732m, above analysts' estimate of €686m. Revenue from equity and advisory operations jumped 51% while sales from bonds more than doubled to €1.13bn In the earnings press release, BNP said it, "delivered solid performances this quarter, rebounding compared to the third quarter 2011 which was impacted by the sovereign debt crisis". BNP is currently registering the second largest gains on the Cac-40 as it jumps 4.87% to €41.025.

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