Profil:
BNP Paribas Bank Polska SABNP Paribas BP bank posts PLN 635.5 mln net profit in Q3, above expectations
BNP Paribas Bank Polska Group's net profit in the second quarter of 2024 rose to PLN 635.5 million (EUR 146.4 mln) from PLN 445.5 million (EUR 102.6 mln) a year earlier, the bank said in a report. The bank's profit was 7 percent higher than market expectations of PLN 592.5 million (EUR 13.5 mln).
Expectations by 6 brokerage firms for Q3 net profit ranged from PLN 555 million (EUR 127.8 mln) to PLN 705 million (EUR 162.4 mln).
After Q3 2024, BNP Paribas BP Group's net profit rose to PLN 1.85 billion (EUR 426.1 mln) from PLN 1.39 billion (EUR 320.1 mln) a year earlier.
Net income from provisions for legal risk related to foreign currency loans amounted to PLN 277.2 million (EUR 63.8 mln) in the third quarter. The consensus for legal risk provisions based on 5 forecasts was PLN 243 million (EUR 55.9 mln).
Net fee and commission income amounted to PLN 311.2 million (EUR 71.7 mln), 2 percent above market estimates, which expected PLN 306 million (EUR 70.5 mln). Net commission income rose 9 percent year on year and 8 percent on a quarter on quarter basis.
The balance of provisions amounted to PLN 98.8 million (EUR 22.8 mln) in Q3 2024, while analysts expected lower write-downs of PLN 89.5 million (EUR 20.6 mln). The write-downs increased 767 percent year on year.
Operating expenses including depreciation and amortization amounted to PLN 787.1 million (EUR 181.3 mln), 2 percent below expectations. Costs rose 3 percent year on year and fell 2 percent quarter on quarter.
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