Despite the rough financial climate, however, BNP said its revenues in the third quarter fell by only 1 per cent from a year before to €7.614 billion.

BNP Paribas, the Paris-listed bank that has recently been enlarged by its acquisition of parts of European banking group Fortis, said its profits in the three months to 30 September slid by 40.1 per cent from a year before to €901 million ($1.15 billion), as harsh market conditions took their toll.

Despite the rough financial climate, however, BNP said its revenues in the third quarter fell by only 1 per cent from a year before to €7.614 billion.

At BNP’s wealth and asset management division, its pre-tax profit dropped to €128 million in the third quarter of this year from €223 million in the same period a year before. Revenues fell to €568 million from €694 million, the bank said in a statement.

Total assets under management were €542 billion, a fall of 0.7 per cent from 30 June. Private banking recorded €3.3 billion in net inflows in the latest quarter. Asset management made €3.5 billion in net inflows.

BNP Paribas has acquired Fortis Belgium and Fortis Luxembourg, buying these businesses from the cash-strapped Dutch-Belgian company Fortis, which has also shed the ABN Amro private banking business it bought only a year before at the height of the merger and acquisition boom.

The bank said all of its divisions made a positive contribution to its group income.