The banking group has published very good results with a third quarter net profit of €2.76bn, up 10.3% compared to the same quarter of 2021. Net banking income rose by 4.9% to €12.311bn. For the first nine months of the year, net banking income, at €38.310bn, rose by 9.4% for a profit of €8.046bn (+12% compared to 2021). BNP Paribas is on track to at least match its 2021 record profit of €9.5bn. All the group’s business lines contributed to this good result.

Geographically, in the grand duchy, the results of the “Banque Commerciale au Luxembourg (BCEL)” are growing. Outstanding loans increased by 6.4% compared to the third quarter of 2021, mainly driven by the increase in loans to companies. Outstanding deposits increased by 8.9% compared to the third quarter of 2021. Finally, off-balance sheet savings were down 11.4% compared to 30 September 2021 “impacted by market performance”.

19.5% increase in net banking income for commercial banking in Luxembourg

Net banking income for the third quarter came to €116m (+8.4% compared to the third quarter of 2021). “Interest income rose sharply by 9.3%, driven by higher volumes and good margins on corporate customers. Fees and commissions were up 4.7% compared to the third quarter of 2021, driven by banking fees and corporate customers. Operating expenses, at €62m, are under control (+0.3% compared to the third quarter of 2021).”

In the end, gross operating income rose by 19.5% to €54m. And after allocating one-third of Luxembourg Private Banking’s income to the wealth management business (investment & protection services division), BCEL posted pre-tax income of €56m, compared with €37m in the third quarter of 2021.

Over the first nine months of the year, banking income rose by 9.8% to €345m for a pre-tax profit of €145m.

This story was first published in French on . It has been translated and edited for Delano.