Commerzbank, Germany’s second-largest lender, booked Q3 net income of €78 m (Bloomberg consensus: €83 m, Q3 2011: €687 m loss) on losses from non-core assets and a decline in consumer banking earnings.
BNP Paribas said Q3 profit more than doubled after it posted higher revenue at its investment banking unit. Net income rose to €1.32 bn (consensus: €1.06 bn) from €541 m a year ago. Pretax profit at the French lender’s corporate and investment banking unit improved 7.3% to €732 m (consensus: €686 m). Revenue from equity and advisory operations accelerated 51% to €444 m, while fixed-income sales more than doubled to €1.13 bn.
ING, the largest Dutch financial services group, is to cut 2,350 jobs (2.5% of workforce) as the group prepares to separate its banking and insurance operations in difficult markets. Q3 net income slumped 64% to €609 m (consensus: €846 m) after losses on hedges and a charge tied to its US annuity unit.