BNP Hikes Italy Bad Loans Provision, RBS Net Swings to Profit

Nigel Thomas
31 Oct, 2014
New York City

AB InBev net declined 5% to $2.3 billion but revenue rose 2%. BNP Paribas revenues dropped 4% and the French back set aside

[R]4:00 PM Frankfurt – AB InBev net declined 5% to $2.3 billion but revenue rose 2%. BNP Paribas revenues dropped 4% and the French back set aside €327 million against bad loans in Italy. Intl Consolidated Airlines Group net surged €694 million. RBS net swung to profit to £896 million.[/R]

In London trading, FTSE 100 index increased 1.1% or 72.83 to 6,536.38 and in Frankfurt the DAX index jumped 2.2% or 197.15 to 9,311.99.

In Paris, CAC 40 index climbed 2.3% or 94.51 to 4,235.75.

Anheuser-Busch InBev SA fell 0.8% to €86.45 after the Belgium-based brewer reported revenue in the third-quarter ending in September jumped 2.3% to $12.24 billion from $11.73 billion a year ago period.

Profit in the quarter declined 4.9% from a year ago to $2.32 billion compared to $2.21 billion and earnings per share jumped to $1.53 from $1.44.

BNP Paribas SA jumped 3.8% to €50.30 after the French-based lender reported revenue in the third-quarter ending in September dropped 3.9% to €9.54 billion from €9.18 billion a year ago period.

Profit in the quarter soared 10.6% from a year ago to €1.50 billion compared to €1.36 billion.

BNP Paribas set aside provisions in the third-quarter against bad loans in Italy worth €327 million, up 14% compared to the second-quarter.

International Consolidated Airlines Group, S.A climbed 4.1% to 406.90 pence after the Spain-based airline holding company reported total revenue in the nine-month period ending in September soared 7.4% to €15.15 billion from €14.11 billion a year ago period.

Profit in the quarter surged 801.3% from a year ago to €694 million compared to €77 million and basic earnings jumped to €33.4 from €3.2.

For the year, the parent of British Air and Iberian Air estimated operating profit before exceptional items in the range of €550 million to €600 million from €770 million in 2013.

SES SA declined 3.7% to €27.40 after the Luxembourg-based satellite communications and broadcasting services provider reported revenues in the third-quarter ending in September were flat at €467.7 million from a year ago period.

Net profit climbed 5.9% from a year ago to €158.2 million compared to €152.1 million.

Royal Bank of Scotland Group Plc surged 6.5% to 388.90 pence after the U.K.-based banking and financial service reported total revenue in the third-quarter ending in September declined 10.8% to £4.36 billion from £4.89 billion a year ago period

Net in the quarter swung to profit from a year ago to £896 million compared to a loss of £828 million and earnings per share swung to 7.9 pence from a loss per share of 7.4 pence.

The lender also set aside £400 million against litigation and conduct costs and an additional £100 million for payment protection insurance.