BNP Paribas quarterly profit falls less than expected, trading strengthens

PARIS, Nov 3 (Reuters) - France’s biggest bank BNP Paribas on Tuesday reported a smaller-than-expected 2.3% drop in third-quarter net income, citing stronger revenue from trading.

The bank reported quarterly net income of 1.89 billion euros ($2.2 billion), down 2.3% from the same period a year ago. Revenue were broadly flat at 10.89 billion.

Analysts had forecast net income closer to 1.57 billion euros and revenue closer to 10.66 billion, according to the IBES estimate from Refinitiv.

Revenue at its corporate and institutional bank rose by 17.4%, while fixed income trading revenue jumped by 36% “with a good level of client activity on the rate and forex markets”.

Its net income in the first nine months was down by 13.4%, ahead of its full-year profit guidance of minus 15% to 20% which the bank did not change.

$1 = 0.8579 euros Reporting by Maya Nikolaeva and Matthieu Protard; Editing by David Gregorio