BNP Paribas beats Q3 profit forecast, unveils €1.3 billion share buyback

BNP Paribas reported third-quarter net income of €3.46 billion, up 14% year on year and above the €3.23 billion analyst consensus, Business Recorder reported. Revenue increased to €13.76 billion, while the French lender said it would begin a €1.3 billion share repurchase in November after reaching its capital-ratio target ahead of schedule.

Equity and prime-services revenue rose 50% year on year, helping the bank deliver a second consecutive quarter of record growth in those activities. BNP Paribas also said French sovereign bonds made up about €19 billion of its exposure at September-end, and France contributed less than 10% of the bank’s prior-year pre-tax income. Its results arrive as investors assess whether European banks can maintain strong earnings, following HSBC’s weaker revenue growth.