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Share Name Share Symbol Market Type
BNP Paribas EU:BNP Euronext Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.19 0.37% 51.87 51.82 52.25 52.48 51.24 52.32 3,151,779 16:40:00

BNP Paribas Posts 3Q Profit Rise; Launches $1 Billion Buyback -- Update

29/10/2021 7:32am

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BNP Paribas (EU:BNP)
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By Cristina Roca

 

BNP Paribas SA on Friday posted higher-than-expected net profit and revenue for the third quarter, and announced a new share-buyback program.

The Paris-based lender will buy back 900 million euros ($1.05 billion) worth of its shares starting Monday. The program will run no later than Feb. 8, when the bank will present its new strategy along with its 2021 results.

Third-quarter net profit came in at EUR2.5 billion, up from EUR1.89 billion a year earlier and ahead of analysts' expectations of EUR2.29 billion, according to a FactSet consensus estimate.

The bank's bottom-line was helped by lower loan-loss provisions, which came in at EUR706 million down from EUR1.25 billion in the same period a year ago, when banks were still preparing for potentially huge losses on loans to consumers and businesses due to the pandemic.

Revenue rose to EUR11.4 billion from EUR10.89 billion a year earlier. It had been expected at EUR11.25 billion, according to FactSet.

BNP's corporate and investment bank division increased revenue by 6.4%, bolstered by a 79% rise in equities trading and prime-brokerage services. This was partly offset by a slump in fixed-income trading revenue, which fell 28%.

The bank's domestic markets division, which comprises its retail banks, rose 6.3%, while the bank's international financial-services unit--which includes wealth management, consumer finance and insurance--registered a 3% revenue decline.

BNP's common equity Tier 1 ratio--a key measure of capital strength--stood at 13% as of Sept. 30 compared with 12.9% at the end of June.

 

Write to Cristina Roca at cristina.roca@wsj.com

 

(END) Dow Jones Newswires

October 29, 2021 02:17 ET (06:17 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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