French major bank: BNP Paribas exceeds profit expectations – billion-euro share buyback
The quarterly result was primarily driven by stock trading. This enabled BNP Paribas to counter investors' concerns about possible burdens on the bond market.
BNP Paribas, the largest bank in the Euro zone by balance sheet, reported a 14% increase in net profit to €3.46 billion for the third quarter, beating analysts' average forecast of €3.23 billion. The bank's strong performance was driven by its investment banking division, particularly in stock trading, which saw a 50% increase in revenue.
BNP Paribas plans to buy back €1.3 billion worth of its own shares in November after reaching its target for its core capital ratio ahead of schedule. The bank's total revenue rose to €13.76 billion. BNP Paribas also sought to allay investor concerns over potential losses from French government bond yields, stating its exposure was limited to around €19 billion as of September.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
