BNP Paribas stock follows Q3 profit beat and buyback launch

BNP Paribas reported a stronger third quarter on Wednesday, October 28, and set an early date for a new share buyback. Reuters said the result was helped by investment banking, while BNP Paribas confirmed the repurchase plan in an official release.

Investment banking leads the quarter

Quarterly net income rose 14 percent to 3.46 billion euros, ahead of the 3.23 billion euro analyst average cited by Reuters. Revenue increased 9.5 percent to 13.76 billion euros, with corporate and institutional banking sales up 17 percent year on year.

Equities and prime services revenue jumped 50 percent, according to Reuters, marking a second consecutive quarter of strong trading performance. Retail income also increased 4 percent, while fixed-income, currencies and commodities trading revenue was flat.

Buyback starts next week

BNP Paribas said its 1.3 billion euro buyback will begin on Monday, November 2, following approval by the European Central Bank. The shares acquired under the program are to be cancelled, and the bank will publish weekly progress updates, according to its official announcement.

Stock remains below the prior report

BNP Paribas stock traded at 85.58 euros on Lang & Schwarz at 15:02 Berlin time on Friday, October 30, 2.44 percent below the Xetra close of Thursday, October 29. That is 3.17 percent below the 88.38 euros cited in the October 28 report, a separate comparison from the Xetra day move.

Investors can follow the real-time quote of BNP Paribas stock for the latest trading indication.

French banking shares remain sensitive to movements in sovereign bond yields and the broader CAC 40 backdrop; investors can follow current CAC 40 market coverage.

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