BNP Paribas beats Q3 profit forecast, unveils €1.3 billion share buyback
BNP Paribas posted a forecast-beating rise in third-quarter profit on Wednesday, aided by its investment bankers, as the lender announced a €1.3 billion ($1.45 billion) share buyback and played down the impact of soaring government bond yields. France’s BNP said quarterly net income climbed 14% to €3.46 billion, beating the €3.23 billion average forecast of analysts polled by the bank. Revenue at…
BNP Paribas delivered a profit forecast that surpassed expectations for the third quarter, announcing €3.46 billion in net income, a 14% increase, exceeding the average analyst prediction of €3.23 billion. The French bank's assets were bolstered by a 50% rise in equity and prime services revenue, outpacing the industry average. BNP Paribas revealed plans for a €1.3 billion share buyback, executed following the attainment of its Common Equity Tier 1 (CET1) capital ratio ahead of schedule.
The bank's exposure to French sovereign bonds, totaling approximately €19 billion at the end of September, remained relatively low, accounting for less than 10% of its pre-tax income last year. Despite soaring government bond yields, the lender remained optimistic about its financial position.
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