BUZZ-BNP falls after Q3 miss on loan provisions, integration costs
Oggi 09:33 - RSF
** Shares in BNP Paribas drop 3.4% after the French bank posted third-quarter results below analysts expectations, as integration costs and provisions for bad loans weighed
** BNP posted a net profit of 3.04 billion euros ($3.55 billion) for the July-to-September period, below the company-compiled 3.09 billion-euro average of 16 analyst estimates
** The miss is notably driven by a higher provision of around 190 million euros in the Corporate and Institutional Banking division, Citi analysts said
** "Overall, a mixed set of results: a small miss, but driven by items that should not repeat," the broker said
** Results for the first time also included the cost of integrating AXA's fund arm, estimated at 690 million euros
** Tuesday's losses erased around 400 bps from the stock's gains year-to-date, bringing them to 12.9%
(Reporting by Alban Kacher)
((
Alban.kacher@thomsonreuters.com; +48 58 769 65 87))