BNP Paribas Q3 Profit Rises 14% to Beat Estimates; Announces €1.3 Billion Buyback
Net income rose 14% to €3.5 billion as investment banking lifted revenue, and the lender said it would launch a €1.3 billion buyback.
- On Oct 28, BNP Paribas reported third-quarter net income climbed 14% to €3.5 billion, beating analyst expectations, and announced a €1.3 billion share buyback.
- Investment banking performance drove results, with equity and prime services revenue posting record gains for a second consecutive quarter, while corporate and institutional unit sales rose 17%.
- Revenue at the eurozone's largest bank by assets reached €13.8 billion, as BNP reported alongside Deutsche Bank, UBS, and Santander this week.
- Management played down concerns about soaring government bond yields, noting exposure to French sovereign bonds remained limited at roughly €19 billion, with France accounting for under 10% of pre-tax income last year.
- HSBC shares fell nearly 7% on Tuesday after disappointing revenue growth, contrasting with BNP's strength as investors watch whether lenders can sustain recent record profits.
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The result compares with EUR 9,253 million obtained in the same period, according to the financial results published on the ‘group website'.
BNP Paribas downplays French debt exposure as profit beats forecasts
The French multinational bank BNP Paribas beat profit forecasts in the third quarter as revenue from equities trading surged 50%, and announced a €1.3 billion share buyback while playing down its exposure to French debt.
BNP Paribas beats Q3 profit forecasts, unveils €1.3 billion share ...
The French banking group will present its roadmap for the next few years at the beginning of February. In particular, it has to deal with different developments according to its different activities. ...
The quarterly result was driven above all by stock trading. Thus, BNP Paribas was able to counter investors' concerns about possible burdens on the bond market.
The Economic Times
Times of IndiaBNP Paribas Q3 profit rises 14% to beat estimates; announces €1.3 billion buyback
BNP Paribas reported a 14% year-on-year rise in third-quarter net income to €3.46 billion, beating analyst estimates as record equity trading revenue boosted investment banking. The French lender also announced a €1.3 billion share buyback.
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