BNP Paribas profits rise, boosted by Fortis
BNP Paribas
Net profit rose 6.6 percent from a year earlier to 1.604 billion euros ($2.29 billion), while gross operating profit rose 44.7 percent to 4.06 billion euros, beating the average forecast of 3.67 billion euros in a Reuters poll of 12 analysts.
BNP Paribas said its acquisition of some of the key assets of struggling European bank Fortis
Rival French bank Societe Generale
While many of the world's biggest banks have reported solid profits this quarter -- leading some analysts to believe that the worst of the financial crisis might be over -- UBS
Earlier this week, HSBA
BNP Paribas Chief Executive Baudouin Prot told French radio station BFM on Tuesday that he was feeling more confident.
I am relatively positive about the markets, he said.
TO TAKE CONTROL OF FINDOMESTIC
BNP Paribas added it would buy majority control of Italian consumer finance group Findomestic, currently jointly owned by BNP and Italian bank Intesa Sanpaolo
In Italy, BNP already owns the BNL retail bank.
The French bank said it would buy an extra 25 percent stake in Findomestic in the second half of this year for 625 million euros, bringing its shareholding up to 75 percent.
It added it could buy the remaining 25 percent of Findomestic in two to four years.
BNP Paribas also said it was well placed to deal with the challenges of the current economic environment.
BNP Paribas shares closed up 2.7 percent at 52.53 euros on Monday, giving the bank a market capitalization of around 57 billion euros. The stock has risen 74 percent so far this year, having fallen 59 percent last year.
($1=.7019 Euro)
(Editing by Simon Jessop/Will Waterman)
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