BNP Paribas beats Q3 profit forecast, unveils US$1.4 billion share buyback
Its results are helped for a second consecutive quarter by a record jump in equity and prime services revenue
BNP Paribas has exceeded its third-quarter profit forecast, announcing a 14 percent increase to 3.5 billion euros. The French bank attributes the strong results to a 50 percent year-on-year rise in equity and prime services revenue, surpassing the average gain of 37 percent across top US players. BNP Paribas also unveiled plans for a 1.3 billion euro share buyback in November, as it had already met its financial strength benchmark by the end of June.
The bank maintains limited exposure to French sovereign bonds, accounting for under 10 percent of its pre-tax income last year.
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