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France's BPCE bank group's profits double

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November 15 2012, 08:13AM

France's BPCE banking group says its third-quarter net profit has nearly doubled to 639 million euros ($A784.87 million), benefiting from a favourable comparison from last year when it was forced to book a loss of value on Greek sovereign bonds.

BPCE, which includes the Caisse d'Epargne and Banque Populaire retail banks, said its banking income slid three per cent to 5.3 billion euros ($A6.51 billion).

The group confirmed it plans to raise its core capital ratio to nine per cent by the end of next year and said it was on track on reducing its market finance needs, which stood at 31.1 billion euros ($A38.20 billion) at the end of September.

BPCE said its exposure to sovereign bonds from Greece, Ireland, Portugal, Spain and Cyprus stood at around 300 million euros ($A368.48 million).