PARIS (AP) — France's largest bank, BNP Paribas SA, says its profits bounced back in the third quarter after being slammed by exposure to Greek debt last year.
The bank said Wednesday that its profits were euro1.3 billion in the third quarter, up dramatically from euro541 million in the same period of 2011, when it was hit by a huge writedown on Greek debt.
The growth in profits was largely due to strong investment banking activity. Its investment banking unit CIB registered a 7.3 percent rise in pre-tax profit to euro732 million.
BNP says that despite a "difficult environment" for banks, it has boosted its capital earlier than scheduled under the so-called Basel III rules meant to make banks better able to withstand the kind of financial crises that have hit the sector in recent years.
- What Is Your U.S. Income Percentile Ranking?
Obamacare Architect: Okay Fine, Our Law Isn't Controlling Costs
Where Is Liberal Rage Over Mass Shooting In New Orleans? | RedState
Exposed: Obama’s Love for Jihadis and Hate for Christians | Human Events
CNN reporter had tweet-on-request relationship with State?
How Not To Be A Gun Owner - Bearing Arms - Crime, Texas, Training, Warning Shots
NATO ambassadors to Turkey: Why didn’t you just escort that Russian plane out of your airspace?