BNP Paribas is buying back €1.3B after a 14% profit beat, with record equity trading revenue doing the heavy lifting. Net income hit €3.46B vs €3.23B consensus, and the bank put French sovereign expos

What happened: BNP Paribas reported third quarter net income up 14% year on year, beating analyst estimates, and said it would launch a €1.3 billion share buyback in November. Key numbers: Net income €3.46 billion vs €3.23 billion analyst forecast. Revenue €13.76 billion. Equity and prime services revenue up 50%. Corporate and institutional banking sales up 17%. Why it matters: The bank reached its CET1 capital ratio target ahead of schedule, which it said gives it flexibility to return capital, and the buyback signals management confidence in its financial position and earnings outlook.

BNP Paribas reported third quarter net income up 14% year on year, beating analyst estimates, and said it would launch a €1.3 billion share buyback in November.

The bank reached its CET1 capital ratio target ahead of schedule, which it said gives it flexibility to return capital, and the buyback signals management confidence in its financial position and earnings outlook.