PARIS (Reuters) - BNP Paribas reported a 22 percent rise in third-quarter net profit that beat analysts' average forecast as the French bank joined rivals in benefiting from higher investment bank revenues.

Net profit at BNP, the euro zone's second-biggest bank by market capitalization, reached 1.341 billion euros. Nineteen analysts polled by Reuters gave an average forecast of 1.271 billion euros.

However, the stock fell more than 1 percent from an all-time high as some investors said it might be hard for the French bank to repeat the scale of its performance in coming quarters.

Christophe Gautier, fund manager at GSD Gestion, said an expected rise in the European Central Bank interest rate could sting banks as an increase in rates could lead to higher financing costs and fewer customers taking on loans.

"BNP's numbers had already been well anticipated in the market, and it might be hard for them to keep up this momentum if the European Central Bank raises rates," said Gautier, whose portfolio includes BNP.

"BNP's long-term growth story is intact, but I can see some profit taking," added Dresdner Kleinwort Wasserstein analyst Simon Maughan, who has a "buy" rating on the stock.

BNP's profit rise follows a similar surge in third-quarter earnings reported earlier this month by its French rivals Credit Agricole and Societe Generale .

Other leading European and Wall Street banks such as UBS and Goldman Sachs had also reported higher profit in the quarter as rising stock markets fueled an increase in trading.

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