Total revenues at €10.6bn were 3% above consensus as well as versus our own Q3 16 expectations (at €10.25bn) driven by strong trading gains. Operating expenses were therefore mechanically higher than expected at €7.22bn. Loan losses at €764m are €80m better than expected and a bit better than our own forecasts. Operating profit is therefore both 10.5% above expectations and 13% above our own expectations. The CET1 ratio at 11.4% is 30bp higher versus Q2 16.
28 Oct 2016
Trading gains are not sustainable...a positive surprise to come on the dividend?
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Trading gains are not sustainable...a positive surprise to come on the dividend?
BNP Paribas S.A. Class A (BNP:WBO) | 0 0 0.8% | Mkt Cap: 80,389m
- Published:
28 Oct 2016 -
Author:
Farhad Moshiri -
Pages:
3
Total revenues at €10.6bn were 3% above consensus as well as versus our own Q3 16 expectations (at €10.25bn) driven by strong trading gains. Operating expenses were therefore mechanically higher than expected at €7.22bn. Loan losses at €764m are €80m better than expected and a bit better than our own forecasts. Operating profit is therefore both 10.5% above expectations and 13% above our own expectations. The CET1 ratio at 11.4% is 30bp higher versus Q2 16.